New Jersey Statutes 40:60-25.7. Definitions
Terms Used In New Jersey Statutes 40:60-25.7
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- State: extends to and includes any State, territory or possession of the United States, the District of Columbia and the Canal Zone. See New Jersey Statutes 1:1-2
(a) “Governing body” shall mean that governmental board or body of a municipality having control or jurisdiction over its financial affairs;
(b) “Property exempt from local taxation” or “tax exempt property” shall mean real or personal, or real and personal, property which is exempt from local taxation because the owner of such property enjoys the privilege of exemption from local taxation arising out of a contract with the State which the Legislature cannot abrogate or repeal without the consent of the owner;
(c) “Tax exemption” shall mean exemption from local taxation under such a contract with the State;
(d) “Owner” shall mean any person, association, copartnership or corporation owning tax exempt property in fee;
(e) “Local taxation” shall mean municipal or other local taxation for the direct support of the government of the municipality or for other local purposes.
L.1944, c. 206, p. 729, s. 1, eff. April 21, 1944.