Who is ultimately accountable for the property values established during revaluations and reassessments?

The Tax Assessor holds the ultimate accountability for the property values established during revaluations and reassessments. This role encompasses the responsibility of ensuring that property values reflect fair market value according to the guidelines set forth by state law and local policies. The Tax Assessor must interpret market conditions, analyze data, and implement methodologies for valuation, which are then used to inform tax rates and assessments.

While the County Board of Taxation, the Revaluation Firm, and the State Director of Taxation play roles in the overall process, none have the same level of responsibility for determining individual property values. The County Board of Taxation oversees assessments and ensures compliance with state regulations, but it does not determine property values directly. The Revaluation Firm conducts the analytics and may provide value assessments, but its findings are ultimately subject to review and approval by the Tax Assessor. The State Director of Taxation provides oversight and guidance to ensure compliance with state laws regarding taxation but does not directly assess property values in individual municipalities. Thus, the Tax Assessor is the key individual who integrates all available data and makes the final decisions regarding property valuations.