ASSEMBLY, No. 2441

 

STATE OF NEW JERSEY

 

INTRODUCED OCTOBER 21, 1996

 

 

By Assemblyman SULIGA

 

 

An Act concerning the taxation of certain Port Authority of New York and New Jersey property and amending P.L.1925, c.37.

 

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

 

    1. Section 7 of P.L.1925, c.37 (R.S.32:1-66) is amended to read as follows:

    7. a. The construction, maintenance and operation of said bridges 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 bridges and shall be required to pay no taxes or assessments upon any of the property acquired by it for the construction, operation and maintenance of such bridges.

    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 Elizabeth City in Union 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.32:1-66)

 

    2. 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 Elizabeth City which is owned by the 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 Elizabeth City in Union 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 Elizabeth City owned by Port Authority of New York and New Jersey which is currently exempt.