This bill amends R.S.54:3-21 to clarify the appeals process for taxpayers or taxing districts regarding the assessed valuation of real property valued at over $1,000,000. It allows these parties to appeal directly to the Tax Court if the assessed valuation exceeds this threshold, while also establishing that if an appeal is filed in the Tax Court, the county board of taxation must dismiss any pending petitions related to the same property without prejudice. This ensures that jurisdiction is consolidated in the Tax Court for cases where both the Tax Court and the county board of taxation have received appeals concerning the same property.

Additionally, the bill specifies that a taxpayer or taxing district has until April 1 or 45 days from the completion of the bulk mailing of assessment notifications to file an appeal, and it maintains the requirement for assessors to certify the completion date of bulk mailings. The bill also includes provisions that prevent appeals based on financial agreements under the "Long Term Tax Exemption Law" and restricts property owners from appealing assessments if they refuse internal inspections requested by the assessor or county board of taxation after an appeal has been filed. The act is set to take effect immediately upon passage.