Legislation sponsored by Senator Jeff Van Drew to pilot a new system for real property assessment that would provide more certainty in the municipal budget process by changing the tax appeal calendar was given final approval last week by the full Assembly and now heads to Gov. Chris Christie’s desk for approval.
The bill is aimed at staving off dramatic and unexpected revenue losses experienced by municipalities due to successful tax appeals by residents and businesses. Since appeals are often decided after a municipality has crafted its budget, towns and cities are left scrambling to fill the budget gap.
