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 79) requires New Jersey's Director of the Division of Taxation to include sales of properties in age-restricted developments (like senior living communities) sold by third parties - such as guardians or executors - in the state's equalized valuation tables used for property tax assessments. Currently, these sales are excluded because they aren't "arms-length transactions," but the bill mandates their inclusion to better reflect market value. This change directly affects residents of age-restricted communities, as it aims to adjust property tax assessments to account for how these properties are actually sold. The key mechanism updates the valuation process to ensure assessments more accurately represent true market conditions for these properties.