Authorizes State constitutional convention to reform system of property taxation; makes appropriation.

This bill would establish a process for New Jersey voters to approve a constitutional convention specifically focused on reforming the state's property tax system. If voters approve the convention in November 2012, delegates would be elected in April 2013 to propose constitutional amendments and statutory changes aimed at creating a more equitable property tax system that reduces local government reliance on property taxes while maintaining revenue neutrality. The convention's proposals would be submitted to voters in November 2013 for approval as a single package, with specific prohibitions against changes to school funding obligations, affordable housing requirements, or collective bargaining rights. The bill appropriates $3.8 million for implementation and requires the convention to complete its work by August 2013.