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What is a reassessment and how often does it happen?

By Bob Millaway, South Jersey Community Expert & REALTOR®

A reassessment is when a municipality updates property values for tax purposes to reflect current market conditions. In New Jersey, reassessments are supposed to happen regularly, but many towns go 10 to 15 years or more between updates. A full revaluation, which is more comprehensive, updates every property in the town at the same time.

Why It Matters

Knowing when your town last reassessed tells you whether your assessed value likely reflects current market conditions or may be outdated.

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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