Exempts privately owned property leased to public entities for public purposes from property taxation in New Jersey.

This bill amends New Jersey law to exempt from property taxation all buildings and lands that are privately owned and leased to the State of New Jersey, its counties, or municipalities, and their agencies and authorities, school districts, and other taxing districts, provided that such buildings and lands are used for a public purpose for the duration of the lease agreement.

Exempts privately owned property leased to public entities for public purposes from property taxation in New Jersey.

This bill amends New Jersey law to exempt from property taxation all buildings and lands that are privately owned and leased to the State of New Jersey, its counties, or municipalities, and their agencies and authorities, school districts, and other taxing districts, provided that such buildings and lands are used for a public purpose for the duration of the lease agreement.