N.J. Admin. Code § 18:23-5.4
Current through Register Vol. 56, No. 21, November 4, 2024
Facilities used in passenger service (Class III) are not subject to the annual property tax levied upon railroad property. The term, Facilities used in passenger service is restricted to those facilities actually in use in connection with passenger service rendered by a railroad. Railroad property used partially for exempt passenger service (Class III) and used partially as taxable Class II railroad property, must be apportioned between the two classes before applying the tax rate to the Class II property and determining the tax payable thereon.
N.J. Admin. Code § 18:23-5.4