This bill amends R.S.54:4-3.3 to exempt from property taxation all privately owned buildings and lands that are leased to the State of New Jersey, its counties, municipalities, and their respective agencies, authorities, school districts, and other taxing districts, as long as these properties are utilized for public purposes. The bill specifies that public purposes include the operation of government functions, provision of government services, use of stadiums and arenas, preservation or exhibition of historical data, and leasing school district property to nonprofit organizations exempt from taxation, among other uses.

Additionally, the bill clarifies that properties acquired by municipalities through tax title foreclosure or by deed in lieu of foreclosure will also be exempt from taxation if not used for private purposes. The new legal language inserted into the current law emphasizes the conditions under which these exemptions apply, while the deletion of outdated references streamlines the text. The act is set to take effect immediately upon passage.