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 were conducted within the previous eight years. This change aims to alleviate the financial burden on municipalities, particularly during challenging economic times, by allowing less expensive exterior assessments to be conducted without the need for costly interior inspections.

The bill also modifies existing regulatory language, specifically removing the requirement for interior inspections to occur "within the four years immediately preceding" the year of implementation for a proposed district-wide reassessment. This adjustment is intended to streamline the reassessment process and provide municipalities with greater flexibility in managing property valuations while still ensuring that properties are assessed fairly and accurately. The act is set to take effect immediately upon passage.

Statutes affected:
Introduced: 54:1-35.35