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

This bill establishes the "New Jersey Commission to Reform the Assessment and Taxation of Residential Real Property" to study the state's property tax system. It directly affects all residential property owners in New Jersey, as the commission will examine how property taxes are assessed, collected, and funded (including school and municipal services), following findings that New Jersey has the highest property tax burden in the nation. The commission must analyze the system within 18 months, identify inequities, and recommend constitutional or legislative changes to reduce residential tax burdens and create alternative funding for local services. The final report will be submitted to the Governor and Legislature, with recommendations for potential future action.