Requires municipalities comprised within regional school districts to share certain payments received in lieu of taxes with counties and regional school districts.

This bill (A3400) requires municipalities within regional school districts to share payments they receive from urban renewal entities in lieu of property taxes with both their county and the regional school district. Upon receiving these payments, municipalities must immediately remit a portion based on the distribution shown on the previous year's tax bill. This applies to payments received under long-term property tax exemption agreements for redevelopment projects. The policy change affects municipalities, counties, and regional school districts participating in urban renewal programs, but does not alter the amount of the annual service charge.