N.J. Stat. § 40:60-25.31: Property acquired to be self-supporting and taxable

To the end that affected taxing authorities may not suffer undue loss of taxes and assessments by reason of the acquisition and ownership of property therein by such a municipality, all property hereafter acquired by such a municipality for the purposes of this act, together with improvements thereon or hereafter made thereon shall be self-supporting and subject to taxation for State and local purposes, in the same manner and to the same extent as the real estate of individuals.

L.1946, c. 302, p. 1006, s. 5, eff. May 6, 1946.