Which type of property is NOT exempt from taxation when leased to a profit-making organization?

Buildings used for colleges are typically owned by educational institutions and are generally exempt from taxation provided they are used for educational purposes. However, when such buildings are leased to a profit-making organization, the exempt status may be lost due to the commercial nature of that use. Therefore, even though these buildings may initially have a tax-exempt status due to their purpose, the leasing agreement to a for-profit entity alters this status, making them subject to taxation.

This principle illustrates the common tax exemption rules in New Jersey and highlights the differences in treatment of properties based on their use and occupancy. The other types of properties listed—historical society buildings, public libraries, and volunteer first-aid squads—maintain their tax-exempt status even when they support community service objectives or non-profit activities.