New Jersey has a unique tax scheme applicable to railroad property. The State's official Handbook for New Jersey Assessors summarizes the process as follows "621. Railroad Property.
621.01 Assessor’s Responsibility.
Municipal assessors do not assess property used for railroad purposes.
However, real property owned by railroad companies, but not used for
railroad purposes, is assessed by the local assessor as of October 1 of the
pretax year in the same manner as the property of any other owner. The
State of New Jersey, Property Administration annually levies and assesses
railroad property for both property tax and franchise tax." A complete description can be found at pages 550-554 of the Handbook. https://www.state.nj.us/treasury/taxati ... ndbook.pdf
621.01 Assessor’s Responsibility.
Municipal assessors do not assess property used for railroad purposes.
However, real property owned by railroad companies, but not used for
railroad purposes, is assessed by the local assessor as of October 1 of the
pretax year in the same manner as the property of any other owner. The
State of New Jersey, Property Administration annually levies and assesses
railroad property for both property tax and franchise tax." A complete description can be found at pages 550-554 of the Handbook. https://www.state.nj.us/treasury/taxati ... ndbook.pdf
~Ken :: Fairmont ex-UP/MP C436 MT-14M1 ::
Black River Railroad Historical Trust :: [/url]
Black River Railroad Historical Trust :: [/url]