N.J. Admin. Code § 18:23-5.1

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:23-5.1 - Classification of railroad property

(a) On or before November 1 of the pre-tax year all real property used for railroad purposes in this State is classified for tax purposes as Class I, Class II, or Class III railroad property.

1. Class I real property consists of the length of main stem (roadbed not exceeding 100 feet in width) of each railroad in this State;

2. Class II real property consists of all real property used for railroad purposes in each taxing district which is not classified as Class I or Class III;

3. Class III real property consists of facilities used in passenger service in this State.

(b) In the event any railroad property is used for both freight and passenger service, such property is apportioned between Class II and Class III property in the manner provided in this subchapter.

N.J. Admin. Code § 18:23-5.1

Amended by 49 N.J.R. 456(b), effective 3/6/2017