Sponsored by:
Assemblywoman SHAVONDA E. SUMTER
District 35 (Bergen and Passaic)
SYNOPSIS
Requires periodic revaluation of real property.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the assessment of real property and amending P.L.1960, c.51.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.1960, c.51 (C.54:4-2.25) is amended to read as follows:
1. All real property subject to assessment and taxation for local use shall be assessed according to the same standard of value, which shall be the true value of such real property and the assessment shall be expressed in terms of the taxable value of such property, which taxable value shall be that percentage of true value as shall be established by each county board of taxation as the level of taxable value to be applied uniformly throughout the county.
The true value of such real property shall be determined by a municipal-wide revaluation of real property occurring not less than once every 10 years.
(cf: P.L.1960, c.51, s.1)
2. This act shall take effect immediately.
STATEMENT
This bill provides that the true value of real property for the purposes of property taxation would be required to be determined by a municipal-wide revaluation of real property occurring not less than once every 10 years.
This requirement would ensure that all real property is assessed for property taxation on a regular basis, which would eliminate huge swings in property value that occur when property that has remained at an incorrect assessment for decades is finally revalued.