Exempts from property taxation real property privately owned and leased to certain public entities for public purposes.

This bill exempts privately owned buildings and land from property taxes when leased to New Jersey's state, county, municipal, school district, or other public entities for specific public purposes. It directly affects private property owners who lease space to government entities, such as for government offices, stadiums, historical exhibits, or nonprofit organizations providing public services. The exemption applies only if the property is used for approved public purposes during the lease term, as defined in the bill (including government operations, public facilities, or historical preservation). The bill amends New Jersey's property tax code (R.S.54:4-3.3) to clarify these exemptions, removing the tax burden for qualifying leased properties.