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

This bill exempts privately owned land and buildings from property taxes when leased to New Jersey's state, county, or municipal governments, school districts, or other public entities for specific public purposes. It applies to properties used for government operations, public services, stadiums, historical exhibits, or leased to nonprofits for exempt functions. The exemption requires the property to remain dedicated to these public uses throughout the lease term. The bill amends existing tax law to clarify that such leased properties are not subject to local property taxes, effective immediately upon enactment.