NJ Municipal Revaluation
A comprehensive reassessment of all properties within a New Jersey municipality to bring assessed values in line with current market values. Required when the equalization ratio deviates significantly from 100%.
NJ municipalities undergo revaluation (or reassessment) when their equalization ratios fall too far from 100%, typically ordered by the County Board of Taxation. During a revaluation, every property is inspected and reassessed at current market value. Revaluations are conducted by certified tax assessors or contracted assessment firms. The process can take 1-3 years and often results in significant changes to individual property tax bills. Property owners receive a new assessment notice and have the right to appeal. Appraisers may see increased demand for tax appeal work following a revaluation.
Related Terms
Assessed Value
The value assigned to a property by the local tax assessor for property tax purposes.
Equalization Ratio (Chapter 123 Ratio)
The ratio of a municipality's average assessed values to average true market values, published annually by the NJ Division of Taxation.
NJ Property Tax Appeal
The legal process by which a NJ property owner challenges their property's assessed value at the County Board of Taxation or NJ Tax Court.
Market Value
The most probable price that a property should bring in a competitive and open market under all conditions requisite to a fair sale, with the buyer and seller each acting prudently and knowledgeably, and assuming the price is not affected by undue stimulus..
More in NJ-Specific
View allNJ Board of Real Estate Appraisers
The state regulatory body under the NJ Division of Consumer Affairs that licenses, regulates, and disciplines real estate appraisers in New Jersey.
NJ Appraiser Licensing Tiers
New Jersey's four credential levels for real estate appraisers: Licensed Trainee, Licensed Residential, Certified Residential, and Certified General.
NJ Continuing Education Requirements
CENew Jersey requires licensed and certified appraisers to complete continuing education hours every two-year renewal cycle, including a mandatory USPAP update course and NJ-specific law module..
Supervisory Appraiser
A Certified Residential or Certified General appraiser who supervises a Licensed Trainee appraiser, providing mentorship, training, and oversight.