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 highlights the distinction between comprehensive revaluations, typically performed by private companies and involving both interior and exterior inspections, and less costly in-house reassessments that rely solely on exterior evaluations. By extending the allowable period for exterior-based reassessments, the legislation seeks to provide municipalities with greater flexibility and reduce the economic strain during challenging financial times. The current regulatory requirement for interior inspections, which necessitates a municipal-wide revaluation, is also addressed by removing the specific mention of the year of implementation for proposed district-wide reassessments.

Statutes affected:
Introduced: 54:1-35.35