This bill amends existing 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 mandated to establish standards for property valuation and revaluation, and the bill specifies that the director cannot deny an application for a district-wide reassessment that omits interior inspections if such inspections were conducted within the last eight years.

The intent of this legislation is to alleviate the financial burden on municipalities by permitting less costly exterior-only reassessments, which are typically conducted in-house by municipal property tax assessors, rather than requiring comprehensive and expensive interior inspections that are usually performed by private companies. This change aims to provide municipalities with greater flexibility and reduce the hardships associated with the costly and labor-intensive process of regular interior inspections, especially during challenging economic times.

Statutes affected:
Introduced: 54:1-35.35