Requires municipalities to share certain payments in lieu of property taxes with school districts; informs counties, school districts, and DCA of certain information related to property tax exemptions and abatements.

This bill requires municipalities to share certain payments in lieu of property taxes (PILOTs) with school districts when urban renewal projects benefit from long-term property tax exemptions. For residential projects, municipalities must remit to school districts an amount calculated by multiplying the number of school-age children residing in the project by the base per pupil amount determined by the Commissioner of Education. For nonresidential or mixed-use projects, school districts would receive 5% of the PILOT amount. The bill also mandates that municipalities provide the Department of Community Affairs, counties, and school districts with information about property tax exemptions and abatements, including applications, approvals, and annual audits.