Establishes "Property Tax Study Commission" to examine New Jersey's property tax structure and develop recommendations for reducing residential property tax burden.

New Jersey Assembly Bill A1139 establishes a 15-member Property Tax Study Commission to examine the state's property tax system and develop recommendations for reducing residential property tax burdens. The commission, including state officials, legislative leaders, and regional public members, must analyze local government functions, current tax laws, exemptions, and alternative funding methods while ensuring any recommendations are revenue neutral. It is required to issue an interim report within nine months and a final report within 12 months of organizing, with follow-up annual reports for five years to monitor implementation. The bill directly affects New Jersey residents (particularly homeowners) and local governments by potentially reshaping how property taxes are structured and funded.