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 the compliance plan for approval.

Under the new provisions, the tax assessor will also be required to send written notice to each property owner affected by the reassessment after the county board of taxation approves 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 bill aims to enhance transparency and communication between municipalities and property owners regarding property tax assessments.