Republican Conference Leader Robert Singer (R-30) thanked the members of the Senate Community and Urban Affairs Committee for advancing S-2711, a bipartisan, common-sense bill that would make it easier and more efficient to reassess property values in New Jersey. Singer and Senator Paul Sarlo (D-36) are the primary sponsors of the legislation.
“Dramatic changes in property values require a forceful and prompt response,” Singer said. “Without common sense reform, our property tax system will be both overwhelmed and unfair. This bill allows assessors to ensure fairness and efficiency in property valuation.”
Current law makes it difficult for assessors to re-evaluate portions of a taxing district. The idea behind the current law is to force reassessments in most cases to be done for an entire district, or not at all. Because district wide reassessments can take years, this process hasn’t given assessors the flexibility they need to deal with the rapid changes in property taxes that have occurred during the current recession.
“Passage of S-2711 will allow assessors desperately needed flexibility while providing safeguards to ensure that property assessments are done fairly,” Singer said.
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