This bill mandates that the State of New Jersey fully fund the Affordable New Jersey Communities for Homeowners and Renters (ANCHOR) Property Tax Relief Program by appropriating additional funds from the Property Tax Relief Fund whenever the initial appropriations are insufficient to cover the required property tax credits and rebates. It also requires the Director of the Division of Taxation to prepare and submit annual reports detailing the distribution of property tax credits, rebates, and reimbursements to homeowners and tenants, including demographic breakdowns by age and income.

Additionally, the bill establishes a Property Tax Relief Program Oversight Committee, consisting of five members appointed by the Governor and legislative leaders, to oversee and monitor the effectiveness of the State's property tax relief programs. This committee is tasked with issuing reports on the efficacy of these programs in alleviating property tax burdens and making recommendations for improvements in their administration. The committee will have access to necessary resources and data from various State agencies to fulfill its responsibilities effectively.