S.4581

Revises statutes concerning assessment of real property.

The bill revises current law concerning the assessment of real property. It changes the threshold for property owners to appeal an assessment directly to the Tax Court from $1,000,000 to $2,000,000. It requires property owners of one- to four-family residential dwellings to file an assessment appeal with the county board of taxation. It amends the "freeze act" to limit the change in the assessment to the municipality’s year-over-year aggregate value percentage change when a municipality has implemented five-year periodic reassessments.