The premises on the campus of Kean University where Gourmet Dining, LLC, manages and operates a restaurant and catering facility are exempt from local property taxes because, while Gourmet Dining is a private, for-profit entity, the evidence presented to the trial court establishes that the premises are being used for a public purpose. That evidence shows, among other things, that: Gourmet Dining uses the premises pursuant to a management agreement, not a lease; students and other members of the University community regularly dine at the restaurant; the University views the restaurant as an important recruiting tool for students and faculty members; the restaurant generates management fees which are used for University scholarships; and a substantial percentage of the restaurant's employees are University students.