Prohibits exemption of school purposes property taxes under "Long Term Tax Exemption Law."

This bill prohibits urban renewal entities from claiming property tax exemptions for school purposes on new development projects. It amends New Jersey's Long Term Tax Exemption Law to require that all new projects funded through municipal financial agreements pay school property taxes, rather than receiving exemptions. Instead, urban renewal entities must pay an annual service charge (based on 10-15% of gross revenue or 2% of project costs) to the municipality. This applies to all projects seeking long-term tax exemptions after the bill's effective date, directly affecting developers and municipalities involved in urban renewal agreements.