Bill
Bill > S4192
NJ S4192
NJ S4192Permits exterior-based property reassessments within eight years of last municipal-wide revaluation.
summary
Introduced
03/03/2025
03/03/2025
In Committee
03/03/2025
03/03/2025
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
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
This bill modifies existing New Jersey property tax assessment regulations by extending the period during which municipalities can conduct an exterior-based property reassessment from four to eight years after the last municipal-wide revaluation or interior inspection program. Currently, property revaluations typically involve comprehensive interior and exterior property inspections, which are labor-intensive and expensive. This bill allows municipal property tax assessors to perform less costly exterior-only reassessments within eight years of the last full interior inspection, rather than the previous four-year limit. Specifically, the bill directs the Director of the Division of Taxation in the Department of the Treasury to not deny applications for exterior-based district-wide reassessments that occur within eight years of the previous comprehensive revaluation. The legislation aims to provide municipalities with more flexibility and reduce the financial burden associated with frequent, expensive property revaluations during challenging economic times. The act would take effect immediately upon enactment.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 03/03/2025)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S4192 |
| BillText | https://pub.njleg.gov/Bills/2024/S4500/4192_I1.HTM |
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