N.J.S.A. § 54:5-122. — Release of obligation to collect taxes, etc.; exemption from taxation

Any conveyance or transfer made in pursuance of this act shall release the municipality from its obligation to collect any taxes, assessments or other municipal charges which may be a lien upon such lands, and such lands shall thereafter be exempt from taxation as long as the title thereto is vested in the State of New Jersey.

L.1940, c. 73, s. 2.