40A:7-3.Ā  Liability for indebtedness The county to which part of the territory of another county is annexed shallĀ  be liable to pay such proportionate part of the indebtedness of the county fromĀ  which the annexed territory is taken, as the value of the property assessed forĀ  the purpose of taxation in the annexed territory bears to the entire amount ofĀ  property assessed for that purpose in the county, according to the assessmentsĀ  for the purpose of taxation made by the appropriate taxing officers of theĀ  several taxing districts of the county in the year preceding the annexation.

L.1979, c. 181, s. 2, eff. Aug. 29, 1979.
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