Permits exterior-based property reassessments within eight years of last municipal-wide revaluation.

This bill (S 4192) extends the timeframe for municipalities to conduct exterior-based property tax reassessments from four to eight years after the last full municipal-wide revaluation. It directly affects New Jersey municipalities, allowing them to use less expensive exterior-only reassessments without interior inspections if the last full revaluation occurred within the past eight years. The key provision prevents the state tax division from denying such reassessment applications due to missing interior inspections, reducing the cost and administrative burden of frequent full reassessments. This change aims to alleviate financial strain on municipalities during economic challenges while maintaining property tax assessment standards.