Requires municipalities to share certain payments received in lieu of property taxes with school districts; informs counties and school districts of application for property tax exemption.

This bill requires municipalities to share specific payments received in lieu of property taxes with local school districts. It also mandates that counties and school districts be notified when applications for property tax exemptions are submitted. The legislation defines how certain financial agreements for urban renewal projects calculate revenue and profits to determine these shared payments. Directly affected parties include local governments, school districts, and entities involved in urban redevelopment projects.