New Jersey § 5:5-151
Full text of New Jersey New Jersey Statutes § 5:5-151, with citation guidance and answers to common questions.
§ 5:5-151.
Notwithstanding any other law, rule, or regulation to the contrary: (1) when the authority is the owner of the land, building, and premises where an off-track
wagering facility is operated pursuant to an initial off-track wagering facility license
issued after the effective date of P.L.2011, c. 26, the authority shall pay to the municipality where the facility is located a payment
in-lieu-of taxes for the first five years of operation of the off-track wagering facility,
which payment amount shall be determined upon agreement with the municipality, and
shall pay regular property tax payments beginning on the sixth year and thereafter;
and (2) when a private off-track wagering licensee is the owner of the land, building,
and premises where an off-track wagering facility is operated pursuant to an initial
off-track wagering facility license issued after the effective date of P.L.2011, c. 26, the private off-track wagering licensee shall be eligible to receive a five-year
tax exemption, or abatement, or both, when located in an area in need of rehabilitation
as defined under the “Five-Year Exemption and Abatement Law,” P.L.1991, c. 441 ( C.40A:21-1 et seq. ), except that the private off-track wagering licensee shall pay to the municipality
where the facility is located a payment in-lieu-of taxes for the first five years
of operation of the off-track wagering facility, which payment amount shall be less
than the amount of regular property tax payments as determined upon agreement with
the municipality pursuant to section 10 of P.L.1991, c. 441 ( C.40A:21-10 ), and shall pay regular property tax payments beginning on the sixth year and thereafter.
Frequently Asked Questions About New Jersey § 5:5-151
What does New Jersey Statutes § 5:5-151 cover?
Section 5:5-151 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 § 5:5-151?
A common citation format is "New Jersey Statutes § 5:5-151" (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 § 5:5-151 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.