N.J. Stat. § 54:4-2.3
Current through L. 2023, c. 200.
When real estate exempt from taxation is leased to another whose property is not exempt, and the leasing of which does not make the real estate taxable, the leasehold estate and the appurtenances shall be listed as the property of the lessee thereof, or his assignee, and assessed as real estate.
N.J.S. § 54:4-2.3