Can a state court exercise jurisdiction over property located within the states boundaries if the property owners are out of state?

Sort of. That's a simplified way of looking at it.

For example, if I am driving through Nebraska and have a car accident, and then a lawsuit becomes necessary, yes, Nebraska would have jurisdiction. On the other hand, if I'm driving through Nebraska and a credit card company decides to sue me for not paying them, Nebraska would still not have jurisdiction.

SIMPLIFIED: A qualified yes. Only if you are a resident of the state, have business interests incorporated within that state, or commit a civil or criminal offense there. Non-residents are subject to the prevailing laws and regulations of the state, but only while within their borders.