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  • NJ A528
  • Revises property assessment calendar.
Introduced
(1/27/2016)
In Committee
(1/27/2016)
Crossed OverPassedSignedDead/Failed/Vetoed
2016-2017 Regular Session
This bill would revise the current dates for the administration of the assessment of real property in order to create a more accurate process for that essential assessment function. The provisions of the bill specifically address the systemic costs which result from the losses due to successful assessment appeals by property owners, which reduce the property tax base, and which require municipalities to refund large amounts of property taxes collected from those property owners prior to the successful assessment appeal, which lowers their assessment, and thereby lowers the amount of property taxes due and payable from those property owners. Under current law, every municipal tax assessor files the municipality's tax list with the county board of taxation, which subsequently sets the local tax rates. Assessment appeals are filed by property owners on April 1 of each year, or on May 1 in the case of a municipality that has undergone a municipal-wide revaluation or reassessment of real property. Appeals are heard by the county tax board and generally decided in most, if not all, cases by the end of July. Successful appeals that late in the tax year result in reduced assessments, which results in a reduced municipal tax base, which then results in the under-collection of property taxes to fund current year operations. The bill proposes the re-scheduling of the property assessment appeal process to dates prior to the calculation of the local property tax rate, which would allow for a more accurate local property tax rate to reflect local budgetary needs and the true value of the tax base that provides the property tax revenue to fund the local budget. The following chart sets forth the current statutory dates relative to the individual functions that comprise the real property assessment process, and the proposed dates for those functions under the bill: DATES RELATIVE TO CERTIFICATION OF THE TAX LIST, ASSESSMENT APPEALS, AND THE CALCULATION OF LOCAL TAX RATES IN ALL MUNICIPALITIES Description of Function Current Date Proposed Date Assessing Date October 1 of pre-tax year October 1 of pre-tax year Certification of Preliminary Assessment N/A November 1 of pre-tax year Notification of Assessment Postcards February 1 November 15 of pre-tax year Assessment Appeal Filing Deadline April 1; May 1 in municipalities wherein revaluation of real property has occurred January 15 Assessment Appeals Heard May, June and July February, March and April Tax List Filed January 10 May 5 County Preliminary Equalization March 10 May 15 County Final Equalization March 10 May 25 Municipal Budget to Tax Board March 31 May 15 County Budget to Tax Board April 1 May 15 School Budget to Tax Board May 19 May 15 Certified Tax Rates May 20 May 31 Tax Duplicates June 3 June 3 Tax Bills June 14 June 14
Not specified
Introduced, Referred to Assembly State and Local Government Committee  (on 1/27/2016)
 
 
Date Chamber Action Description
1/27/2016 A Introduced, Referred to Assembly State and Local Government Committee
Date Motion Yea Nay Other
None specified