What is the deadline for completing the revaluation of properties in New Jersey?

In New Jersey, the deadline for completing the revaluation of properties is October 1st. This date is significant because it aligns with the statutory timeline set forth in New Jersey law, which mandates that municipalities must have their property assessments updated and accurate by this date in order for those assessments to be used in the tax year that begins on January 1 of the following year.

Meeting this deadline is crucial for ensuring that the property tax rolls reflect the most current and equitable valuations, allowing for fair taxation of property owners. Assessors must conduct thorough analyses and adjustments to property values, and final re-valuation must be certified by this time to facilitate the smooth functioning of municipal tax procedures.

Failing to complete the revaluation by October 1st could result in outdated property values being used for taxation, leading to potential inequities and legal complications for municipalities. This is why the October 1st deadline is a critical part of the property assessment process in New Jersey.