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 New Jersey's Property Tax Relief and Education Empowerment Program, providing property tax relief to residents while offering educational grants to eligible students attending nonpublic schools. It directly affects low-income students (households earning ≤3.7x the federal poverty level for a family of four) who previously attended public school for at least 100 days and switch to a participating nonpublic school. The program provides grants equal to 50% of the public school district's per-pupil spending (capped at the nonpublic school's fees), paid directly to the nonpublic school by the student's resident district. This funding reduces the public school district's budget by the grant amount, with the savings used to lower local school taxes in the following year.