SENATE, No. 2255

STATE OF NEW JERSEY

INTRODUCED NOVEMBER 17, 1997

By Senator KOSCO

An Act concerning the reassessment of property by the Division of Taxation and amending R.S.54:1-26.

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

    1. R.S.54:1-26 is amended to read as follows:

    54:1-26. When the Director of the Division of Taxation has reason to believe that any property, including the property of railroad and canal companies, has been assessed at a rate lower than is consistent with the purpose of securing uniform taxable valuation of property according to law for the purpose of taxation, or that the assessment of property according to law in a taxing district is not in substantial compliance with the law and that the interests of the public will be promoted by a reassessment of such property, he may, after due investigation and after consultation with and approval by the county board of taxation, order or make a reassessment of any property undervalued or a reassessment of all the property in the taxing district.

(cf: P.L.1960, c.51, s.15)

    2. This act shall take effect immediately.

STATEMENT

    This bill would require the Director of the Division of Taxation in the Department of the Treasury to consult with and receive the approval by a county board of taxation prior to reassessing undervalued property or reassessing all of the property in the taxing district.

Requires consultation with and approval by county board of taxation prior to reassessment of property by Director of Division of Taxation.