Requires municipalities to share certain payments in lieu of property taxes with school districts; informs counties, school districts, and DCA of certain information related to property tax exemptions and abatements.

This bill requires municipalities to share certain payments in lieu of property taxes (PILOTs) with school districts when urban renewal entities receive long-term property tax exemptions. For residential projects, school districts would receive an amount calculated by multiplying the number of school-age children residing in the project by the base per pupil amount determined by the Commissioner of Education. For nonresidential or mixed-use projects, school districts would receive 5% of the PILOT amount or an equivalent in-kind contribution. The bill also mandates that municipalities provide school districts and the Department of Community Affairs with information about property tax exemptions, including posting applications and financial agreements on the DCA website.