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 occurred within the previous eight years. This change aims to alleviate the financial burden on municipalities, which often face significant costs associated with comprehensive revaluations that require both interior and exterior inspections.

The bill recognizes the challenges municipalities encounter during economically difficult times, as the current requirement for frequent interior inspections can be labor-intensive and costly. By extending the timeframe for exterior-based reassessments, the legislation seeks to provide municipalities with a more flexible and cost-effective approach to property valuation, while still ensuring that properties are assessed fairly based on their exterior conditions.

Statutes affected:
Introduced: 54:1-35.35