54:4-2.3 - Exempt property leased to person whose property is not exempt
54:4-2.3.Ā Exempt property leased to person whose property is not exempt
When real estate exempt from taxation is leased to another whose property isĀ not exempt, and the leasing of which does not make the real estate taxable, theĀ leasehold estate and the appurtenances shall be listed as the property of theĀ lessee thereof, or his assignee, and assessed as real estate.
L.1949, c. 177, p. 566, s. 1.
Ā
When real estate exempt from taxation is leased to another whose property isĀ not exempt, and the leasing of which does not make the real estate taxable, theĀ leasehold estate and the appurtenances shall be listed as the property of theĀ lessee thereof, or his assignee, and assessed as real estate.
L.1949, c. 177, p. 566, s. 1.
Ā