By what date should revaluation be completed?

Revaluation should be completed by November 1st to meet the requirements set forth by New Jersey law. This date is significant because it aligns with the tax year for which assessments are being made. Specifically, the completed revaluation must be in effect for the assessment list that is based on the property values as of October 1st. By completing the revaluation by November 1st, municipalities ensure that the new assessed values are ready and accurate for the upcoming year’s tax bills, allowing for proper assessments to be published by January 10 of the following year. This timeline is crucial for maintaining transparency and equity in property taxation across the municipality.