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

This bill exempts privately owned real property (like land or buildings) from New Jersey property taxes when leased to state, county, or municipal entities (including schools and agencies) for specific public purposes. It applies to properties used for government operations, stadiums, historical exhibits, or school district leases to nonprofits or other government bodies - provided the lease agreement specifies public use. The exemption applies only to existing leases meeting these criteria, not to new leases or private uses. Property remains taxable if not actively serving a listed public purpose during the lease term.