Establishes State payment in lieu of taxes to municipalities for loss of revenues due to an overburden of tax-exempt cemetery property; appropriates $66 million.

This bill creates a state payment program to compensate New Jersey municipalities for lost property tax revenue caused by tax-exempt cemetery property. Municipalities will determine the taxable value of cemetery land as if it were subject to property tax, and the state will calculate annual payments by multiplying the local tax rate by that value, with each payment capped at 20% of a municipality's local tax levy. The state will appropriate $66 million from the Property Tax Relief Fund to cover these payments, distributed in four equal installments (August-November) each year to eligible municipalities.