When do properties acquired by the NJ Highway Authority become tax exempt?

Properties acquired by the New Jersey Highway Authority become tax exempt on January 1 of the following calendar year. This aligns with the general principle in property tax law that properties are assessed based on their status as of January 1. Therefore, any property acquired during the current year does not gain tax-exempt status until the next assessment date, which is the start of the following year. This practice ensures clarity and consistency in tax assessment and aligns with the timing for property tax billing cycles.

Other options suggest immediate or varying durations for tax exemption which do not comply with the established rules governing property taxation in New Jersey. The correct option reflects the formal procedures established by the state law regarding the conference of tax-exempt status to properties owned by government entities.