Jamouneau v. Division of Tax Appeals in Department of Taxation & Finance

The opinion of the court was delivered by

Wachenfeld, J.

The issue presented is the validity of the determination by the Division of Tax Appeals that a tract of laud and building owned by the City of Newark and leased for private purposes are tax exempt. The authority of the city to enter into such a lease is not questioned.

The City of Newark on August 13th, 1941, leased 8.58 acres of vacant and unimproved industrial land which it owned in the city to the 0-0 Two Fire Equipment Company, a private manufacturing company, for 50 years at an annual rental of $5,000. The company agreed to construct…