New Jersey Statutes 12:3-12.3. Rules, regulations setting forth fees; minimum term of conveyance
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In New Jersey Statutes 12:3-12.3
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
3. The Tidelands Resource Council shall, pursuant to the “Administrative Procedure Act,” P.L.1968, c.410 (C. 52:14B-1 et seq.), adopt rules and regulations setting forth all fees imposed by the council, but shall not be required to publish as a rule or regulation any formula or method used to determine the fair market value of a lease, license or grant. All leases and licenses shall be conveyed for a minimum of seven years.
L.1997,c.239,s.3.