New Jersey § 40a:5-14
Full text of New Jersey New Jersey Statutes § 40a:5-14, with citation guidance and answers to common questions.
§ 40a:5-14.
The Legislature finds and declares: a. Elected municipal officials are the stewards for the property owned by the municipality. b. It is sometimes necessary or desirable for the municipality to sell some of its
assets that are no longer needed for a public purpose. c. The use of proceeds from the sale or lease of a municipal asset that results in
relatively large proceeds, to either fund a new service or to provide property tax
relief for a limited period of time, are examples of actions by a local governing
body that often necessitate subsequent property tax increases to either continue the
new service or to fill-in the revenue gap. d. Since the development or redevelopment of high valued municipal assets in a municipality
in which casino gaming is authorized may be inextricably intertwined with the success
of the casino gaming industry, an important revenue source for the State, it is in
the best interests of the municipal taxpayers, as well as the citizens of the State,
for the State and local elected officials to work collaboratively together to effectuate
the prudent disposition of high value assets, to ensure that the interests of the
State's casino gaming industry are not harmed, and to plan for the management of proceeds
from the sale, assignment, lease, transfer, or redevelopment of those assets, when
significant sums are involved, to ensure that any intended relief to municipal property
taxpayers is maximized.
Frequently Asked Questions About New Jersey § 40a:5-14
What does New Jersey Statutes § 40a:5-14 cover?
Section 40a:5-14 is part of the New Jersey Statutes, the codified statutory law of New Jersey. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite New Jersey § 40a:5-14?
A common citation format is "New Jersey Statutes § 40a:5-14" (New Jersey). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of New Jersey law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the New Jersey official source linked on this page or consult a licensed New Jersey attorney.
How does New Jersey § 40a:5-14 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in New Jersey can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in New Jersey.