Exempts privately owned real 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 real property that is privately owned and leased to certain public entities, including the state, counties, municipalities, and their agencies, school districts, and other taxing districts, provided the property is used for public purposes. Public purposes include the operation of government functions, the provision of government services, stadiums, arenas, and the preservation or exhibit of historical data, records, or property.

Exempts privately owned real 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 real property that is privately owned and leased to certain public entities, including the state, counties, municipalities, and their agencies, school districts, and other taxing districts, provided the property is used for public purposes. Public purposes include the operation of government functions, the provision of government services, stadiums, arenas, and the preservation or exhibit of historical data, records, or property.