Bill
Bill > S2513
NJ S2513
NJ S2513Limits increase of assessed value of property subject to appeal judgment following implementation of reassessment.
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 modifies existing law regarding the "freeze" of property tax assessment appeal judgments within taxing districts performing a review and revision of all property to current market value. Under current law appeal judgments on property tax assessments terminate with the tax year immediately preceding the year in which a program for a complete revaluation or complete reassessment of all real property within the district has been put into effect. This bill also allows a termination of property tax assessment appeal judgments in districts performing a review and revision of all property to current market value, but limits the tax increase to the year over year increase in the district's net taxable value of property. The net valuation taxable is the total value of all taxable property in a taxing district. The limiting effect is to honor the property tax proportionate share established by the appeal judgment and ensure fair levy distribution in the subsequent year through the capture of common appreciation of property value.
AI Summary
This bill modifies existing law to limit how much a property's assessed value can increase after a property tax appeal judgment, specifically when a taxing district undertakes a comprehensive reassessment of all properties to their current market value. Previously, such appeal judgments would end the year before a district-wide reassessment began. Now, even when a reassessment occurs, any increase in a property's assessed value following an appeal judgment will be capped at the overall percentage increase in the district's total taxable property value, known as the "net valuation taxable." This ensures that a taxpayer who successfully appealed their assessment still benefits from their established proportionate share of the tax burden and that any common appreciation in property values across the district is captured fairly. The bill also clarifies that this limitation applies when a reassessment is approved by both the county board of taxation and the Director of the Division of Taxation.
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/S2513 |
| BillText | https://pub.njleg.gov/Bills/2026/S3000/2513_I1.HTM |
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