ASSEMBLY, No. 1052

STATE OF NEW JERSEY

Introduced Pending Technical Review by Legislative Counsel

PRE-FILED FOR INTRODUCTION IN THE 1996 SESSION

By Assemblymen DORIA and CHARLES

An Act concerning the taxation of certain Port Authority of New York and New Jersey property and amending various parts of statutory law.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. Section 7 of P.L.1927, c.3 (R.S.32:1-113) is amended to read as follows:

    7. a. The construction, maintenance and operation of said bridge is in all respects for the benefit of the people of the two states, for the increase of their commerce and prosperity, and for the improvement of their health and living conditions, and the port authority shall be regarded as performing a governmental function in undertaking the said construction, maintenance and operation and in carrying out the provisions of law relating to the said bridge, and shall be required to pay no taxes or assessments upon any of the property acquired by it for the construction, operation and maintenance thereof.

    b. Notwithstanding subsection a. of this section or any law to the contrary, real property owned by the Port Authority of New York and New Jersey which is situate within the corporate boundaries of Bayonne City in Hudson County, New Jersey shall be subject to taxation pursuant to R.S.54:4-1 and such property shall be valued and assessed at the taxable value prescribed by law pursuant to section 1 of P.L.1960, c.51 (C.54:4-2.25).

(cf: R.S.32:1-113)

    2. Section 14 of P.L.1931, c.4 (R.S.32:1-131) is amended to read as follows:

    14. a. The construction, maintenance and operation of vehicular bridges and tunnels within the said Port of New York District (including the said Holland tunnel and the said Midtown Hudson tunnel), are and will be in all respects for the benefit of the people of the states of New York and New Jersey, for the increase of their commerce and prosperity and for the improvement of their health and living conditions; and the port authority shall be regarded as performing an essential governmental function in undertaking the construction, maintenance and operation thereof and in carrying out the provisions of law relating thereto, and shall be required to pay no taxes or assessments upon any of the property acquired or used by it for such purposes.

    b. Notwithstanding subsection a. of this section or any law to the contrary, real property owned by the Port Authority of New York and New Jersey which is situate within the corporate boundaries of Jersey City in Hudson County, New Jersey shall be subject to taxation pursuant to R.S.54:4-1 and such property shall be valued and assessed at the taxable value prescribed by law pursuant to section 1 of P.L.1960, c.51 (C.54:4-2.25).

(cf: R.S.32:1-131)

    3. This act shall take effect upon the enactment into law by the state of New York of legislation having an identical effect with this act, but if the state of New York has already enacted such legislation this act shall take effect immediately.

STATEMENT

    This bill commences the taxation of real property located in Jersey City and Bayonne City which is owned by Port Authority of New York and New Jersey and which is currently exempt.

    Specifically, real property owned by the Port Authority of New York and New Jersey which is situate within the corporate boundaries of Jersey City and Bayonne City in Hudson County, New Jersey will be valued and taxed just as all other real property in New Jersey is valued and taxed after a similar or substantially similar statute becomes law in the State of New York.

Commences taxation of real property located in Jersey City and Bayonne City owned by Port Authority of New York and New Jersey which is currently exempt.