40:11A-19 - Taxation exemption
40:11A-19.Ā Taxation exemption
Every parking project and all property of the parking authority are hereby declared to be public property of a political subdivision of the State and devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any subdivision thereof.Ā All bonds are hereby declared to be issued by a politicalĀ subdivision of this State and for an essential public and governmental purposeĀ and to be a public instrumentality, and such bonds, and the interest thereonĀ and the income therefrom, and all service charges, funds, revenues and otherĀ moneys pledged or available to pay or secure the payment of such bonds, orĀ interest thereon, shall at all times be exempt from taxation except forĀ transfer inheritance and estate taxes and taxes on transfers by or inĀ contemplation of death, and in lieu of taxes by political subdivisions upon theĀ property of a parking authority, the authority which owns or holds suchĀ property may agree to make payments to a political subdivision for theĀ services, improvements or facilities furnished by it for the benefit of aĀ parking project.
L.1948, c. 198, p. 991, s. 19.
Ā
Every parking project and all property of the parking authority are hereby declared to be public property of a political subdivision of the State and devoted to an essential public and governmental function and purpose and shall be exempt from all taxes and special assessments of the State or any subdivision thereof.Ā All bonds are hereby declared to be issued by a politicalĀ subdivision of this State and for an essential public and governmental purposeĀ and to be a public instrumentality, and such bonds, and the interest thereonĀ and the income therefrom, and all service charges, funds, revenues and otherĀ moneys pledged or available to pay or secure the payment of such bonds, orĀ interest thereon, shall at all times be exempt from taxation except forĀ transfer inheritance and estate taxes and taxes on transfers by or inĀ contemplation of death, and in lieu of taxes by political subdivisions upon theĀ property of a parking authority, the authority which owns or holds suchĀ property may agree to make payments to a political subdivision for theĀ services, improvements or facilities furnished by it for the benefit of aĀ parking project.
L.1948, c. 198, p. 991, s. 19.
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