This bill amends the existing law regarding property reassessments in New Jersey by allowing exterior-based district-wide reassessments to occur within eight years of the last municipal-wide revaluation or interior inspection program. Previously, the law permitted such reassessments only within a four-year period. The new provision stipulates that the Director of the Division of Taxation cannot deny an application for an exterior-based reassessment based on the absence of interior inspections, provided that these inspections were conducted within the previous eight years.

The intent of this legislation is to alleviate the financial burden on municipalities by extending the timeframe for reassessments, which are typically less costly than full revaluations that require interior inspections. By allowing for exterior-only assessments, the bill aims to provide municipalities with a more manageable option during economically challenging times, while still ensuring that property valuations remain up-to-date.

Statutes affected:
Introduced: 54:1-35.35