Requires detailed disclosure of information concerning required payments in lieu of property taxes to be provided to purchaser of real property constructed pursuant to financial agreement containing long term tax exemption.

This bill (A499) requires sellers to provide prospective buyers with detailed written disclosures about payments in lieu of property taxes (PILOT) before selling real property developed under New Jersey's Long Term Tax Exemption Law (P.L.1991, c.431). It mandates that sellers explain how PILOT payments are calculated, the agreement term length, and whether making PILOT payments affects eligibility for state property tax relief programs like the senior freeze or veterans' deductions. The disclosure must be provided prior to signing the sale agreement and signed by the buyer, with the municipality supplying the necessary details to the seller. This directly affects buyers of properties developed under tax-exempt financial agreements, ensuring they understand long-term financial obligations and potential loss of state tax benefits.