The bill establishes the New Jersey Commission to Reform the Assessment and Taxation of Residential Real Property, which will operate independently within the Department of the Treasury. The commission is tasked with examining the entire property tax system in New Jersey, identifying ways to revise and improve it to alleviate the property tax burden on homeowners. It will recommend necessary amendments to the New Jersey Constitution and revisions to statutory law to eliminate inequities in property taxation, ensure uniformity, reduce reliance on residential property taxes, and establish alternative funding sources for local government services, including education.

The commission will consist of 11 voting members, including the State Treasurer and various public members appointed by legislative leaders and the Governor, ensuring representation from different regions and areas of the state. Members must possess relevant expertise in government finance, property assessment, and tax policy. The commission is required to issue a final report within 18 months of its formation, detailing its findings and recommendations, which will be made publicly available. The commission will dissolve 30 days after submitting its report.