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 while traditional revaluations involve both interior and exterior inspections and are typically conducted by private firms, in-house reassessments based solely on exterior inspections are a more cost-effective alternative. By extending the allowable period for exterior-based reassessments, the legislation seeks to provide municipalities with greater flexibility and reduce the economic strain during challenging financial times. The deletion of the requirement for interior inspections within the four years preceding a reassessment further supports this goal.

Statutes affected:
Introduced: 54:1-35.35