This bill amends R.S.54:3-21 to clarify the process for appealing the assessed valuation of real property valued at over $1,000,000. It allows taxpayers or taxing districts to file a complaint directly with the Tax Court if the assessed valuation exceeds this threshold, while also establishing that if an appeal is made to the Tax Court, the county board of taxation must dismiss any pending petitions regarding the same property without prejudice. This ensures that jurisdiction over the matter is centralized in the Tax Court once an appeal is initiated there.

Additionally, the bill specifies that a taxpayer or taxing district has a defined timeframe to file appeals, either by April 1 or within 45 days of the bulk mailing of assessment notifications. It also includes provisions regarding the dismissal of appeals related to financial agreements under the "Long Term Tax Exemption Law" and sets conditions under which property owners may not appeal assessments if they refuse internal inspections requested by the assessor or county board of taxation. The bill is set to take effect immediately upon passage.