This bill mandates that municipalities must notify property owners before implementing a compliance plan to reassess the valuation of certain properties. Currently, tax assessors can revise property valuations without a full municipal revaluation, a process known as assessment maintenance, which requires the approval of a compliance plan. The existing law stipulates that assessors must provide written notice justifying the reassessment to the mayor, municipal governing body, county board of taxation, and county tax administrator, along with submitting a copy of the compliance plan for approval.

The proposed legislation adds a requirement for assessors to also send written notice to the owners of properties that will be reassessed under the compliance plan. This notice must inform property owners about how the reassessment will be implemented, the potential impact on their property valuation, and their right to appeal the assessment. The notice is to be sent by regular mail after the county board of taxation has approved the compliance plan, ensuring that property owners are adequately informed of changes that may affect their tax obligations.