Bill > A555

Introduced Session

This bill revises how real property assessments are determined across the State. Current law requires that the standard in the State for the assessment of a parcel of real property is its "true value," which is essentially the market value of a parcel of real property. This bill would require that the true value of real property be determined by a municipal-wide reassessment of that real property performed by municipal assessors when the ratio of assessed value to true value is lower than 90 percent or greater than 110 percent. The failure of an assessor to perform these periodic municipal-wide reassessments and maintain the ratio of assessed to true value in the municipality at not less than 90 percent or greater than 110 percent in any tax year would be considered "good cause" for the removal of the assessor from his or her position. The assessor of each municipality would be required to perform an initial municipal-wide reassessment of real property not later than January 1 of the third tax year next following the enactment of the bill, and then perform periodic reassessments as required by the bill.

AI Summary

Committee Categories

Ralph Caputo (D)*,  Robert Karabinchak (D)*, 

Introduced, Referred to Assembly State and Local Government Committee (on 01/11/2022)

Official Document