Requires municipal-wide reassessment of real property under certain circumstances.

This bill (A1441) requires New Jersey municipalities to perform periodic reassessments of all real property when the ratio of assessed value to market value falls below 90% or exceeds 110%. Municipal assessors must certify annually that this ratio stays within those bounds and conduct an initial reassessment by January 1 of the third tax year after the bill takes effect. Failure to maintain the required ratio would constitute "good cause" for removing an assessor from their position. The law directly affects municipal assessors and property owners, as reassessments could adjust property tax bills based on updated market values.