Establishes New Jersey Property Tax Relief and Education Empowerment Program to provide both property tax relief to citizens and educational grants to certain students enrolled in nonpublic schools.

This bill establishes a program providing property tax relief to New Jersey residents while offering education grants for eligible students transferring from public to participating nonpublic schools. It directs school districts to pay participating nonpublic schools up to 50% of the district's per-student spending (capped at the school's tuition) for qualifying students from households earning under 3.7 times the federal poverty level. The program requires participating nonpublic schools to meet safety, anti-discrimination, and financial transparency standards, and redirects savings from the program to lower local school tax rates and increase homestead property tax credits. Eligibility requires students to have attended public school for at least 100 days in the prior year, not be in special education, and not have previously attended a nonpublic school.