State Codes and Statutes

Statutes > New-jersey > Title-58 > Section-58-21 > 58-21-6

58:21-6.  Payments to municipalities to offset tax losses;  application of revenues;  relocation of roads
    To the end that municipalities may not suffer loss of taxes by reason of the  acquisition and ownership by the State of New Jersey of property therein, the  State Treasurer upon certification of the Commissioner of Conservation and  Economic Development shall pay annually on October 1 to each municipality in  which property is acquired pursuant to this act (a) a sum equal to that last  paid as taxes upon such land for the taxable year immediately prior to the time  of its acquisition and (b) in addition, for a period of 13 years following such  acquisition the following amounts:  in the first year a sum of money equal to  that last paid as taxes upon improvements upon such land for the taxable year  immediately prior to the time of its acquisition;  and thereafter the following  percentages of the amount paid in the first year, to wit, second year 92%;   third year 84%; fourth year 76%;  fifth year 68%; sixth year 60%;  seventh  year 52%; eighth year 44%;  ninth year 36%;  tenth year 28%;  eleventh year  20%; twelfth year 12%;  thirteenth year 4%.    All sums of money received by the respective municipalities as compensation  for loss of tax revenue pursuant to this section shall be applied to the same  purposes as is the tax revenue from the assessment and collection of taxes on  real property of the said municipalities, and to accomplish this end such sums  shall be apportioned in the same manner as the general tax rate of the  municipality for the tax year preceding the year of receipt.    The State shall be reimbursed for payments required to be made by this section out of the proceeds received for the sale of water supplied by said system.    The State Treasurer shall also pay to any county or municipality the cost of  relocating any municipal or county roads made necessary by reason of the acquisition or use of property pursuant to this act.   
L.1958, c. 33, p. 92, s. 6.

State Codes and Statutes

Statutes > New-jersey > Title-58 > Section-58-21 > 58-21-6

58:21-6.  Payments to municipalities to offset tax losses;  application of revenues;  relocation of roads
    To the end that municipalities may not suffer loss of taxes by reason of the  acquisition and ownership by the State of New Jersey of property therein, the  State Treasurer upon certification of the Commissioner of Conservation and  Economic Development shall pay annually on October 1 to each municipality in  which property is acquired pursuant to this act (a) a sum equal to that last  paid as taxes upon such land for the taxable year immediately prior to the time  of its acquisition and (b) in addition, for a period of 13 years following such  acquisition the following amounts:  in the first year a sum of money equal to  that last paid as taxes upon improvements upon such land for the taxable year  immediately prior to the time of its acquisition;  and thereafter the following  percentages of the amount paid in the first year, to wit, second year 92%;   third year 84%; fourth year 76%;  fifth year 68%; sixth year 60%;  seventh  year 52%; eighth year 44%;  ninth year 36%;  tenth year 28%;  eleventh year  20%; twelfth year 12%;  thirteenth year 4%.    All sums of money received by the respective municipalities as compensation  for loss of tax revenue pursuant to this section shall be applied to the same  purposes as is the tax revenue from the assessment and collection of taxes on  real property of the said municipalities, and to accomplish this end such sums  shall be apportioned in the same manner as the general tax rate of the  municipality for the tax year preceding the year of receipt.    The State shall be reimbursed for payments required to be made by this section out of the proceeds received for the sale of water supplied by said system.    The State Treasurer shall also pay to any county or municipality the cost of  relocating any municipal or county roads made necessary by reason of the acquisition or use of property pursuant to this act.   
L.1958, c. 33, p. 92, s. 6.

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State Codes and Statutes

Statutes > New-jersey > Title-58 > Section-58-21 > 58-21-6

58:21-6.  Payments to municipalities to offset tax losses;  application of revenues;  relocation of roads
    To the end that municipalities may not suffer loss of taxes by reason of the  acquisition and ownership by the State of New Jersey of property therein, the  State Treasurer upon certification of the Commissioner of Conservation and  Economic Development shall pay annually on October 1 to each municipality in  which property is acquired pursuant to this act (a) a sum equal to that last  paid as taxes upon such land for the taxable year immediately prior to the time  of its acquisition and (b) in addition, for a period of 13 years following such  acquisition the following amounts:  in the first year a sum of money equal to  that last paid as taxes upon improvements upon such land for the taxable year  immediately prior to the time of its acquisition;  and thereafter the following  percentages of the amount paid in the first year, to wit, second year 92%;   third year 84%; fourth year 76%;  fifth year 68%; sixth year 60%;  seventh  year 52%; eighth year 44%;  ninth year 36%;  tenth year 28%;  eleventh year  20%; twelfth year 12%;  thirteenth year 4%.    All sums of money received by the respective municipalities as compensation  for loss of tax revenue pursuant to this section shall be applied to the same  purposes as is the tax revenue from the assessment and collection of taxes on  real property of the said municipalities, and to accomplish this end such sums  shall be apportioned in the same manner as the general tax rate of the  municipality for the tax year preceding the year of receipt.    The State shall be reimbursed for payments required to be made by this section out of the proceeds received for the sale of water supplied by said system.    The State Treasurer shall also pay to any county or municipality the cost of  relocating any municipal or county roads made necessary by reason of the acquisition or use of property pursuant to this act.   
L.1958, c. 33, p. 92, s. 6.

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