This bill amends existing law to allow for exterior-based property reassessments within eight years of the last municipal-wide revaluation, effectively doubling the previous period of four years. The Director of the Division of Taxation in the Department of the Treasury is prohibited from denying applications for these reassessments based solely on the absence of interior inspections, provided that such inspections were conducted within the previous eight years. This change aims to alleviate the financial burden on municipalities, which often face significant costs associated with comprehensive interior inspections during revaluations.

The bill recognizes that traditional revaluations, typically performed by private companies, involve both interior and exterior inspections, making them labor-intensive and costly. By allowing for exterior-only reassessments, municipalities can manage property valuations more efficiently and economically, particularly during challenging economic times. The regulatory requirement for interior inspections has been adjusted to reflect this new eight-year timeframe, thereby providing municipalities with greater flexibility in managing their property tax assessments.

Statutes affected:
Introduced: 54:1-35.35