This bill amends current law to allow for exterior-based property reassessments within eight years of the last municipal-wide revaluation, effectively doubling the previous period of four years. The Director of the Division of Taxation in the Department of the Treasury is prohibited from denying applications for these reassessments based solely on the absence of interior inspections, provided that such inspections occurred within the previous eight years. This change aims to alleviate the financial burden on municipalities, which often face significant costs associated with comprehensive interior inspections during revaluations.

The bill recognizes that traditional revaluations, typically conducted by private firms, involve both interior and exterior inspections, making them labor-intensive and costly. By permitting exterior-only reassessments, the legislation seeks to provide municipalities with a more economical option for property tax assessments, particularly during challenging economic times. The regulatory requirement for interior inspections, which is currently set to occur within four years prior to a reassessment, is also adjusted to reflect this new eight-year timeframe, thereby streamlining the reassessment process.

Statutes affected:
Introduced: 54:1-35.35