Requires cost-benefit analyses and local government financial impact findings for approval of long term property tax exemption; requires DCA to post Statewide database of these exemptions on its Internet website.

This bill requires municipalities to conduct cost-benefit analyses assessing how long-term property tax exemptions affect local government finances, including impacts on municipal revenues, tax revenues, and one-time/ongoing costs. It mandates that these analyses - and subsequent municipal resolutions approving or disapproving exemptions - be posted online within 30 days. The Department of Community Affairs must also create a statewide database compiling all approved exemptions and related financial data, sorted by municipality. These provisions apply to urban renewal projects seeking tax exemptions under existing law.