New Jersey Statutes Title 40A. Municipalities and Counties 40A § 12A-86

The land banking agreement between the municipality and a land bank entity may provide that properties held by the land bank entity in trust on behalf of the municipality pursuant to section 7 of P.L.2019, c. 159 (C.40A:12A-80), or acquired by the land bank entity pursuant to section 6 of P.L.2019, c. 159 (C.40A:12A-79), are held in trust by the entity on behalf of the municipality for a public purpose and shall be exempt from property taxation until or unless leased or conveyed by the entity on behalf of the municipality or used by the entity for a purpose that is not eligible for exemption from taxation.