N.J. Stat. § 40:56-38
The annexation of the whole or a portion of a municipality to another municipality, or the consolidation of two or more municipalities, shall not affect the making of assessments for benefits or damages by reason of local improvements made or initiated under this chapter in either or any of said municipalities before such annexation or consolidation. In such case assessments shall be made in the manner provided herein by the board or body charged with the duty of making such assessments of the municipality as shall be agreed upon by and between said municipalities before such annexation or consolidation shall become effective, but no assessment shall be made for any such improvement unless the municipality initiating the same could have levied such assessment, and shall have given notice of its intention to make such improvement as provided by any statute effective in such municipality at the time the improvement was commenced.
N.J.S. § 40:56-38