ASSEMBLY, No. 2531

STATE OF NEW JERSEY

INTRODUCED DECEMBER 5, 1996

By Assemblymen ROBERTS and ROMANO

An Act requiring the State Treasurer to notify the Legislature of certain real property assessments and reassessments, supplementing chapter 18 of Title 52 of the New Jersey Statutes.

    Be It Enacted by the Senate and General Assembly of the State of New Jersey:

    1. If the State Treasurer authorizes an employee of the Department of Treasury to assess or reassess the value of any real property for State tax purposes, the State Treasurer shall notify the Joint Budget Oversight Committee, or its successor, prior to the assessment or reassessment taking place. The State Treasurer shall also report back to the Joint Budget Oversight Committee, or its successor, with the results of the assessment or reassessment when completed.

    2. This act shall take effect immediately.

STATEMENT

    This bill directs the State Treasurer to notify the Joint Budget Oversight Committee prior to authorizing any departmental employees to assess or reassess the value of any property for State tax purposes. The Joint Budget Oversight Committee shall also receive a report when the assessment or reassessment is completed.

Requires State Treasurer to notify Joint Budget Oversight Committee of certain property assessments and reassessments.