Provides for direct property tax relief from Highlands Property Tax Stabilization Fund.

This bill creates a "Highlands Protection Fund" to provide property tax relief to residents in New Jersey municipalities affected by environmental protections in the Highlands region. The fund, financed by state revenues and interest, will support the "Highlands Property Tax Stabilization Fund" that distributes payments to qualifying municipalities based on a decline in vacant land values. These payments help reduce property taxes for residents by compensating for financial losses caused by environmental regulations, as determined by a board of tax experts using specific valuation calculations.