When a municipality shall acquire vacant lands by tax title foreclosure it may exchange the said lands, or any part thereof, for vacant lands of others that it may require for park purposes within the municipality, but the lands acquired for the municipality in exchange shall not be less in value than the lands of the said municipality given in exchange. The governing body of such municipality shall first adopt a resolution setting forth the lands to be exchanged and indicating therein such adjustments in taxes and assessments as it shall deem for the best interest of the municipality.
N.J. Stat. Ann. § 54:5-116
Lands acquired at tax sale; exchange for park lands
Known as the Uniform Transitional Utility Assessment Act
The act spans §§ 54:10A-1 to 54:8A-99 (2,083 sections).
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.