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What is a property tax reassessment process?

By Bob Millaway, South Jersey Community Expert & REALTOR®

A reassessment is a municipality-wide update of all property values for tax purposes to reflect current market conditions. The process begins with the town hiring an assessor who inspects properties or uses statistical models. Property owners receive notices of their new assessed values and have an opportunity to appeal. The new values take effect for the next tax year.

Why It Matters

A reassessment can significantly change your tax bill, either increasing or decreasing it depending on how your home's value changed relative to others in town.

Related Questions

How are property taxes calculated in New Jersey? How do I appeal my property tax assessment? What is the NJ annual property tax deduction? What is a tax assessment and how often is it done? How do property taxes affect my monthly mortgage payment?

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