N.J. Stat. § 40:48-7: Power of taxation; generally

Any municipality may raise by taxation in the method prescribed by law all money necessary to pay for any improvement or property which it is authorized to make or acquire, and to pay the current expenses of maintaining the same, and for the execution and performance of any power or authority given to the municipality, or any governing body thereof, and to pay the principal of and interest upon all obligations and debts of the municipality.