New Jersey § 54:1-35

§ 54:1-35.

The Legislature finds and determines that: a. Article VIII, Section I, paragraph 1 of the Constitution of the State of New Jersey requires that all real property in this State be assessed for taxation under the

same standard of value, which the Legislature has defined as “true” or “market” value,

and taxed at a uniform general tax rate within each taxing district; b. Because of such factors as rapidly changing real estate markets, excessive workloads

borne by local tax assessors and limited resources available thereto, a lack of uniform

data processing standards, and the technological obsolescence of certain local assessment

practices, it has been extremely difficult for many municipalities to maintain current

market value assessments for all properties within their corporate boundaries; c. Through the statutory equalization process, the Legislature has addressed certain

difficulties arising from differential assessment levels, by directing county boards

of taxation to adjust aggregate assessments to presumed market levels for the purpose

of equitable inter-municipal apportionment of county and school tax burdens; however,

adequate resources have not been available for the provision of an ongoing adjustment

process to address the assessment discrepancies which often arise within individual

municipalities; d. When intra-municipal discrepancies become too severe, it is necessary to periodically

revalue all parcels of real property within a municipality, in order to reestablish

fair and equitable taxation pursuant to the intent of our constitutional mandate,

and to avoid costly and time consuming litigation; e. While revaluations are thus necessary to maintain tax equity, they generally result

in shocking, immediate increases in individual property tax bills, which severely

strain the financial resources of many property owners, particularly homeowners, and

which threaten the stability and viability of long-standing neighborhoods and communities

which are often already in need of rehabilitation; and f. It is, therefore, incumbent upon the Legislature, as a compelling public purpose

and a matter of the general public welfare, to provide municipalities with the authority

to mitigate this fiscal shock by phasing in tax increases in areas determined to be

in need of rehabilitation, thus maintaining the stability and viability of those neighborhoods

and communities, while encouraging those governing bodies to conduct revaluations.