New Jersey Code § 54:29A-8

Leased property
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54:29A-8. Leased property
If the property of a railroad be leased to or operated by another corporation, foreign or domestic, the property of the lessor, or company whose property is operated, shall be subject to taxation in the manner provided in this act.
L.1941, c. 291, p. 776, s. 8.

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