PILOT agreement
A payment-in-lieu-of-taxes arrangement in which an approved project makes negotiated payments under an applicable redevelopment or tax-exemption program instead of ordinary property taxes.
New Jersey example
A PILOT payment cannot be compared directly with a conventional parcel tax bill without reviewing the governing agreement and program.
Official source
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.