This bill amends R.S.54:4-23 to require municipalities to notify property owners before implementing a compliance plan for reassessing property valuations. Currently, tax assessors can revise property valuations without a full municipal reassessment, but they must first notify the mayor, municipal governing body, county board of taxation, and county tax administrator of their justification for the reassessment and submit a compliance plan for approval. The new requirement mandates that assessors also provide written notice to each affected property owner, detailing how the reassessment will be conducted, its potential impact on property valuation, and the owner's right to appeal the assessment.

The bill specifies that the notice to property owners must be sent after the county board of taxation approves the compliance plan and can be delivered via personal service, registered mail, or certified mail. This addition aims to enhance transparency and ensure that property owners are adequately informed about changes that may affect their property taxes. The bill is set to take effect on the first day of the third month following its enactment.