N.J.A.C. 18:23-3.3 - Tax in Lieu

(a) Any property used for railroad purposes, and, therefore, taxable under the Act, including any main stem, tangible personal property, and facilities used in passenger service, is not subject to any other State or local tax measured by property used for railroad purposes.

(b) Any property not used for railroad purposes and therefore not subject to the Act is subject to taxation by the local taxing authorities of this State.