Subjects most State property to local property taxation beginning on July 1, 2022.

This bill ends the tax-exempt status for most property owned by the State of New Jersey, its agencies, and state-created authorities, requiring them to pay local property taxes starting July 1, 2022. Property may remain exempt only if a certification is filed showing that removing tax exemption would violate bondholder agreements made before July 2022. Taxed property must be assessed and paid locally like other property, with tax liens enforced normally. This directly affects State-owned properties (e.g., offices, facilities) and local municipalities collecting the taxes.