Establishes "New Jersey Commission to Reform the Assessment and Taxation of Residential Real Property."

New Jersey Assembly Bill A5659 establishes the "New Jersey Commission to Reform the Assessment and Taxation of Residential Real Property" to study and propose changes to the state's property tax system. The commission, composed of 11 members including the State Treasurer and regionally appointed experts, will examine property tax assessment methods, funding for local services (like schools and fire districts), and identify ways to reduce the burden on residential property owners. It must issue a final report with specific recommendations within 18 months, including potential constitutional amendments or new revenue sources to replace reliance on property taxes. The bill directly affects all New Jersey homeowners and renters facing high property tax costs, as highlighted by the Legislature noting New Jersey's national ranking for the highest effective property tax rate in 2022.