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

The Property Tax Relief Act modifies how New Jersey's State and School Employees' Health Benefits Programs handle insurance contracts and employer participation. It limits reimbursement for specific medical procedures like knee replacements and MRIs to the lowest available price, with exceptions for rural hospitals and emergency care. The bill also introduces a three-year commitment rule for private employers joining or leaving the state health plan and establishes a review process to assess savings from these changes.