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.

New Jersey's S 3704 requires sellers of real property developed under long-term tax exemption agreements (like those under P.L.1991, c.431) to provide prospective buyers with a detailed written disclosure before sale. This document must explain how payments in lieu of property taxes (PILOTs) are calculated, the duration of the PILOT obligation, and whether making PILOT payments affects eligibility for state property tax relief programs (such as senior freezes or veterans' exemptions). The bill directly affects buyers purchasing properties developed through urban renewal projects with tax exemptions, ensuring they understand future financial obligations. Sellers must obtain this disclosure from the municipality and provide it at the buyer's expense before closing, prior to attorney review or final contract execution.