How often are properties assessed for taxing purposes?

There is no statutory schedule for assessing or reassessing properties in New Jersey. County Boards of Taxation can order reassessments or revaluations whenever their analysis of various statistical measures and other factors indicate the need for same.

Although there is no provision, or need, to update the entire assessment list every year, there is a need to keep the list current in terms of changes to individual properties. Properties that undergo physical change are inspected and reassessed to reflect said changes. Changes that can affect assessed values include:

  • Additions and Renovations
  • Demolitions
  • Lot Consolidations
  • New Construction
  • Severe Physical Damages
  • Subdivisions

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1. How are properties assessed for taxing purposes?
2. How often are properties assessed for taxing purposes?
3. How often do tax rates change?
4. Can I challenge the amount I pay in taxes?