Allocates nondedicated portion of State realty transfer fee collections to municipal property tax relief.

This bill would require New Jersey to allocate the "nondedicated" portion of realty transfer fees (paid when property is sold) to municipalities for property tax relief. The nondedicated portion refers to fees not already designated for specific purposes like shore protection, affordable housing, or the Highlands Protection Fund. The bill includes a 5-year phase-in period where the State initially retains 80% of these funds in the first year, gradually decreasing to 0% by the fifth year. Municipalities must use these funds exclusively to reduce property tax levies, with oversight by the Division of Local Government Services to ensure compliance. This would provide municipalities with additional resources to help lower property tax burdens on residents.