New Jersey A524 revises the procedure for determining real property tax appeal outcomes by adjusting the common level range.

New Jersey A524 revises the procedure for determining real property tax appeal outcomes by adjusting the common level range from 15% to 5% of the average ratio of assessed to true value of real property. The Director of the Division of Taxation must certify the technical feasibility of this adjustment. If feasible, the adjusted range will be applied to future determinations, potentially increasing the likelihood of revisions to the taxable value of real property. If the adjustment is not feasible, the director must revisit the issue annually.

New Jersey A524 revises the procedure for determining real property tax appeal outcomes by adjusting the common level range.

New Jersey A524 revises the procedure for determining real property tax appeal outcomes by adjusting the common level range from 15% to 5% of the average ratio of assessed to true value of real property. The Director of the Division of Taxation must certify the technical feasibility of this adjustment. If feasible, the adjusted range will be applied to future determinations, potentially increasing the likelihood of revisions to the taxable value of real property. If the adjustment is not feasible, the director must revisit the issue annually.