Section 40:60-25.7 - DefinitionsThe following terms, wherever used or referred to in this act, shall have the following respective meanings, unless a different meaning clearly appears from the context:
(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. 4/21/1944.