New Jersey § 52:27i-30

§ 52:27i-30.

a. The authority and the EDA shall not be required to pay any taxes or assessments

upon or in respect of a project or any property or moneys of the authority and the

EDA, and the authority and EDA, their projects, property, and moneys, their transfer

and the income therefrom, including any profit made on the sale thereof, shall at

all times be free from taxation of every kind by the State except for transfer, inheritance,

and estate taxes and by any political subdivision of the State; provided, that any

person occupying a project whether as lessee, vendee or otherwise shall, as long as

title thereto shall remain in the authority or EDA, pay to the political subdivision

in which such project is located a payment in lieu of taxes which shall equal the

taxes on real and personal property, whether for municipal, county, fire, or school

purposes, as applicable, including water and sewer service charges or assessments,

which such person would have been required to pay had it been the owner of such property

during the period for which such payment is made and neither the authority nor the

EDA nor their projects, property, money or bonds and notes shall be obligated, liable

or subject to lien of any kind for the enforcement, collection or payment thereof. If and to the extent provided by contract, the authority or EDA may agree to cooperate

with such person occupying a project, in connection with any administrative or judicial

proceedings for determining the validity or amount of such payments and may agree

to appoint or designate and reserve the right in and for such person to take all action

which the authority may lawfully take in respect of such payments and all matters

relating thereto, provided such person shall bear and pay all costs and expenses of

the authority thereby incurred at the request of such person or by reason of any such

action taken by such person in behalf of the authority. If such person occupying a project has paid the amounts in lieu of taxes required

by this section to be paid, such person shall not be required to pay any such taxes

as to which a payment in lieu thereof has been made to the State or to any political

subdivision, any other statute to the contrary notwithstanding. b. Except as provided in subsection a. of this section, a host municipality is authorized

to assess and collect taxes on real and personal property within the project area

as provided by law for municipal, county, fire, or school purposes, as applicable.