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 requires sellers to provide prospective buyers with a detailed written disclosure about "payments in lieu of property taxes" (PILOTs) before closing a sale on real estate developed under New Jersey's Long Term Tax Exemption Law (P.L.1991, c.431). The disclosure must explain how the PILOT payment is calculated, the duration of the obligation, and whether making these payments affects eligibility for state property tax relief programs like the senior freeze or veterans' deductions. It directly affects buyers purchasing properties built through tax-exempt development agreements, ensuring they understand long-term financial obligations. The seller must provide this information from the municipality's agreement with the developer, and the buyer must sign and retain a copy before finalizing the sale.