[First Reprint]

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, ¹other than for purposes of the transfer inheritance and estate taxes imposed pursuant to R.S.54:33-1 et seq. or the fee imposed upon grantors for the transfer of realty pursuant to section 3 of P.L.1968, c.49 (C.46:15-7),¹ 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.

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