Requires municipal tax collectors to share certain payments in lieu of taxes with school districts.

This bill revises various aspects of the laws governing property tax exemptions. Specifically, the bill requires municipalities to share certain payments in lieu of property taxes (PILOTs) with school districts. The bill also requires notice to be provided to the county, school districts, and Department of Community Affairs (DCA) when a municipality considers and approves a property tax exemption, and when a municipality decides to enter into negotiations for an agreement with a school district.

Requires municipal tax collectors to share certain payments in lieu of taxes with school districts.

This bill revises various aspects of the laws governing property tax exemptions. Specifically, the bill requires municipalities to share certain payments in lieu of property taxes (PILOTs) with school districts. The bill also requires notice to be provided to the county, school districts, and Department of Community Affairs (DCA) when a municipality considers and approves a property tax exemption, and when a municipality decides to enter into negotiations for an agreement with a school district.