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Bill > S3053
NJ S3053
NJ S3053Permits exterior-based property reassessments within eight years of last municipal-wide revaluation.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 allows municipalities to conduct exterior-based property reassessments, which are less costly and involve only external property inspections, more frequently, specifically within eight years of the last municipal-wide revaluation or interior inspection program, compared to the previous four-year limit. This change aims to ease the financial burden on municipalities, as full revaluations, which typically include expensive interior inspections and are often handled by private companies, are not always feasible during difficult economic times. The Director of the Division of Taxation, who oversees property valuation standards, will be prohibited from rejecting an application for such an exterior-based reassessment if interior inspections were completed within the preceding eight years.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/13/2026)
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/2026/S3053 |
| BillText | https://pub.njleg.gov/Bills/2026/S3500/3053_I1.HTM |
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