Noted public property (6)
I believe the answer is:
estate
'property' is the definition.
(estate is a kind of property)
'noted public' is the wordplay.
'noted' becomes 'e' (I am not sure about this - if you are sure you should give a lot more credence to this answer).
'public' becomes 'state' (similar in meaning).
'e'+'state'='ESTATE'
Can you help me to learn more?
(Other definitions for estate that I've seen before include "Desmesne" , "Housing area" , "Property and possessions of the deceased" , "Vehicle" , "All of one's assets and liabilities" .)