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 tax when leased to New Jersey's state, county, or municipal governments (including schools and agencies) for qualifying public purposes. It directly affects private property owners who lease space to public entities, removing their property tax obligation during the lease term. Key provisions define "public purposes" to include government operations, stadiums, historical exhibits, school leases to nonprofits, and municipal property acquired through tax foreclosure (if not used privately). The exemption applies only while the property is used for these public purposes under the lease agreement. The bill amends existing tax law to clarify this exemption, effective immediately upon enactment.