"Property Tax Relief Act"; makes various changes to SHBP and SEHBP administration and limits reimbursement for certain medical procedures.

This bill, titled the Property Tax Relief Act, modifies how the State Health Benefits Program and the School Employees' Health Benefits Program operate in New Jersey. It limits reimbursement for specific medical procedures like knee and hip replacements, MRIs, and colonoscopies to the lowest available price, unless the service is provided at certain rural or critical access hospitals or in an emergency. The legislation also requires non-state employers to commit to staying in the program for three years if they join or leave, and it establishes a five-member commission to oversee the program's administration.