Requires disclosure of payments in lieu of property taxes for real property with long-term tax exemption.

This bill mandates that sellers of real property constructed under a long-term tax exemption provide prospective purchasers with a detailed, written document explaining the payments in lieu of property taxes (PILOTs) required by the purchaser. The document must detail how the PILOT is calculated, the duration of the agreement, and whether the PILOT affects the purchaser's eligibility for state property tax relief programs. The municipality must supply this information to the seller at the seller's expense.

Requires disclosure of payments in lieu of property taxes for real property with long-term tax exemption.

This bill mandates that sellers of real property constructed under a long-term tax exemption provide prospective purchasers with a detailed, written document explaining the payments in lieu of property taxes (PILOTs) required by the purchaser. The document must detail how the PILOT is calculated, the duration of the agreement, and whether the PILOT affects the purchaser's eligibility for state property tax relief programs. The municipality must supply this information to the seller at the seller's expense.