Requires Director of Division of Taxation to include sales of properties in age-restricted developments by third parties in table of equalized valuations.

This bill (S 464) requires New Jersey's Director of Taxation to include sales of properties in age-restricted communities (like senior living developments) conducted by third parties - such as guardians, executors, or trustees - in the state's tax valuation table. Currently, these transactions are excluded because they aren't considered "arms-length" sales, potentially leading to inaccurate property tax assessments. The change ensures these sales are counted when calculating fair market value for tax purposes, directly affecting residents of age-restricted communities. The key mechanism updates the definition of "usable sales" used to establish equalized valuations, aiming to make tax assessments more reflective of actual market conditions in these developments.