Bill > A3440

Introduced Session

This bill would double the period of time, from four to eight years, that an in-house exterior-based reassessment is allowed from the last municipal-wide interior inspection program, which is usually the last revaluation. Generally, revaluations are performed by private companies, and involve interior, as well as exterior, inspections of properties, while less expensive reassessments are performed in-house by the municipal property tax assessor and based on exterior inspections only. Although statutory law does not specify a frequency for municipal-wide revaluations, N.J.A.C.18:12A-1.14(c)(3)(ii) requires interior inspections "within the four years immediately preceding [the] year of implementation of the proposed district-wide reassessment." This regulatory frequency for interior inspections, which generally requires a municipal-wide revaluation, is labor intensive and therefore very expensive to perform, representing a serious hardship for municipalities during difficult economic times. Under the bill, the Director of the Division of Taxation in the Department of the Treasury could not deny an application for a municipal-wide reassessment for lack of interior inspections if interior inspections were performed in the municipality within the previous eight years.

AI Summary

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Verlina Reynolds-Jackson (D)*, 

Introduced, Referred to Assembly State and Local Government Committee (on 02/01/2024)

Official Document