NJ A4055

Creates the "New Jersey Commission to Reform the Assessment and Taxation of Residential Real Property" within the Department of the Treasury to examine the entire property tax system and recommend ways to reduce the burden on residential property owners.

Commission consists of 11 voting members: the State Treasurer (or designee), four public members appointed by legislative leaders, and six public members appointed by the Governor representing northern, central, and southern regions as well as urban, suburban, and rural areas.

Commission must issue a final report within 18 months of organizing, including recommended constitutional amendments and statutory changes to eliminate assessment inequities, reduce residential property taxes as a share of local revenue, and establish alternative funding sources for local government and education.

New Jersey has seven of the 15 highest median property tax counties in the nation (exceeding $10,000), the highest effective tax rate on owner-occupied property nationally in 2022, and an average property tax bill exceeding $10,000 for the first time in 2024.

Commission expires 30 days after issuing its final report, which must be submitted to the Governor, Legislature, and made publicly available on the Department of Treasury website.