Establishes additional municipal review processes and procedures related to development of certain large warehouses; requires certain real property revaluations and reassessments.

This bill requires New Jersey municipalities to conduct a special review of their master plans and development regulations before approving applications for "large warehouses" (defined as facilities storing goods for sale or redistribution, as later specified by the State Planning Commission). Municipal planning boards must complete this review within 90 days of receiving an application and deliver a report to the governing body, which then has 90 days to update regulations based on the review. The bill also delays the 45-day application completeness deadline until 91 days after the governing body receives the review report. Additionally, if a municipality hasn’t reassessed all property values in the past 60 months before approving a large warehouse, it must complete a full reassessment within 24 months after the warehouse opens.