New Jersey § 54:4-3

§ 54:4-3.

Except as otherwise provided by article 1 of this chapter (s.54:4-1 et seq.) and P.L.2009, c. 6 ( C.54:4-3.6f et seq. ) , the property of the State of New Jersey; and the property of the respective counties and municipalities, and their agencies and authorities , school districts , and other taxing districts used for public purposes, which public purposes include the use for stadiums and arenas, or for the preservation or exhibit of historical data, records or property; school

district property which is leased to a nonprofit organization which is exempt from

taxation under R.S.54:4-3.6 , for use by that organization in its exempt functions; school district property

which is leased to another board of education or governmental agency; and property

acquired by any municipality through tax title foreclosure or by deed in lieu of foreclosure,

if not used for private purpose, shall be exempt from taxation under this chapter,

but this exemption shall not include real property bought in for debts or on foreclosure

of mortgages given to secure loans out of public funds or out of money in court, which

property shall be taxed unless devoted to public use. The lands of counties, municipalities, and other municipal and public agencies of

this State used for the purpose and for the protection of a public water supply shall

be subject to taxation by the respective taxing districts where situated, at the taxable

value thereof, without regard to any buildings or other improvements thereon, in the

same manner and to the same extent as the lands of private persons, but all other

property so used shall be exempt from taxation. Property, the title to which is in the Morris Canal and Banking Company, in trust

for the State, shall, so long as the title is so vested, be deemed to be the property

of the State within the meaning of any tax law.