How often must property assessments be updated to reflect current values?

In New Jersey, property assessments must be updated annually to reflect current market values. This requirement ensures that the assessed values remain in line with the realities of the real estate market, thereby promoting fairness and equity in taxation. Regular annual assessments take into account fluctuations in property values due to changes in the economy, neighborhood developments, or changes in property conditions. This approach helps maintain an accurate tax base and ensures that property owners are being taxed fairly based on what their properties are actually worth in the market. The practice of updating assessments annually supports the principle of equitable taxation and transparency within the property tax system.