N.J. Stat. § 40A:12A-86
Current through L. 2024, c. 62.
The land banking agreement between the municipality and a land bank entity may provide that properties held by the land bank entity in trust on behalf of the municipality pursuant to section 7 of P.L. 2019, c. 159(C.40A:12A-80), or acquired by the land bank entity pursuant to section 6 of P.L. 2019, c. 159(C.40A:12A-79), are held in trust by the entity on behalf of the municipality for a public purpose and shall be exempt from property taxation until or unless leased or conveyed by the entity on behalf of the municipality or used by the entity for a purpose that is not eligible for exemption from taxation.
N.J.S. § 40A:12A-86