Sponsored by:
Assemblywoman BETTYLOU DECROCE
District 26 (Essex, Morris and Passaic)
SYNOPSIS
Prohibits employees of revaluation firms from employment by companies that may appeal assessed value of real property following municipal-wide revaluation.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the revaluation of real property and amending P.L.1971, c.424.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 1 of P.L.1971, c.424 (C.54:1-35.35) is amended to read as follows:
1. The Director of the Division of Taxation in the Department of the Treasury shall by rule establish standards to be used in the valuation and revaluation of real property to be used for assessment purposes and shall prescribe minimum qualifications for firms and individuals engaged in the business of valuing and revaluing all or designated portions of real property in a municipality under contract. No individual shall continue to be qualified in the valuation and revaluation of real property to be used for assessment purposes within a municipality if employed by a taxpayer in connection with the filing of a petition of appeal of the assessed value of the taxpayer’s property within the same municipality.
(cf: P.L.1971, c.424, s.1)
2. Section 2 of P.L.1971, c.424 (C.54:1-35.36) is amended to read as follows:
2. Any municipality proposing to contract for a valuation or revaluation of all or designated portions of the real property in the municipality shall submit the proposed contract to the Director of the Division of Taxation for his review and approval and accord with the standards for such work established by him and for a determination that the proposed contractor meets the prescribed qualifications. The director shall take action on the proposed contract within 30 days of its submission. The director shall not approve any revaluation contract if the revaluation firm employs, or hires as a principal or partner, a person who accepts employment in connection with a filing of a petition of appeal of the assessed value of a taxpayer’s property within the same municipality.
(cf: P.L.1971, c.424, s.2)
3. This act shall take effect immediately.
STATEMENT
This bill would amend sections 1 and 2 of P.L.1971, c.424 (C54:1-35.35 and 54:1-35.36) respectively, to prohibit a person employed by a municipal revaluation firm from also being employed by a taxpayer that may file an appeal with the county board of taxation or the Tax Court following a municipal-wide revaluation of property.