Requires reassessment of real property if the assessed value deviates from the true value by more than 10%.

This bill revises real property assessment procedures in New Jersey. It mandates that the true value of real property be determined through municipal-wide reassessments when the ratio of assessed value to true value falls outside the 90 to 110 percent range. Assessors must perform these reassessments to maintain the required ratio. Failure to do so constitutes "good cause" for removal from office. The bill also requires assessors to certify annually that the ratio of assessed to true value is within the specified range.

Requires reassessment of real property if the assessed value deviates from the true value by more than 10%.

This bill revises real property assessment procedures in New Jersey. It mandates that the true value of real property be determined through municipal-wide reassessments when the ratio of assessed value to true value falls outside the 90 to 110 percent range. Assessors must perform these reassessments to maintain the required ratio. Failure to do so constitutes "good cause" for removal from office. The bill also requires assessors to certify annually that the ratio of assessed to true value is within the specified range.