New Jersey legislation · 2026-2027 Regular Session
New Jersey S4581: Real property-revise statutes concerning assessment
Status: In committee, September 28, 2026
Revises statutes concerning assessment of real property.
What the bill says
An Act concerning the assessment of real property, supplementing Title 54 of the Revised Statutes, and amending and repealing various parts of the statutory law.
From the introduced text, September 28, 2026:
An Act concerning the assessment of real property, supplementing Title 54 of the Revised Statutes, and amending and repealing various parts of the statutory law. Be It Enacted by the Senate and General Assembly of the State of New Jersey: 1. (New section) Sections 1 through 3 of P.L. , c. (C. ) (pending before the Legislature as this bill) shall be known and may be cited as the Modernization of Real Property Assessment Act. 2. (New section) The Legislature finds and declares: a. In New Jersey, the property assessment function is the mechanism for distributing the cost of county, municipal and school district services amongst the taxpayers of each district. The property tax levy for county, municipal and school district budgets exceeded $36 billion Statewide in 2025, much larger than income tax collections or sales tax collections in that year. b. Under State law, there are two objective measures of the quality of property assessments: the general coefficient of deviation, and the directors assessed-value to market-value ratio. Currently, in only two of 21 counties, namely Monmouth and Somerset counties, do the vast majority of municipalities, on average, satisfy the permissible threshold for both of those assessment measures. The property taxpayers in the remaining 19 counties generally do not have access to the same assessment transparency and accuracy. If a …
Sponsors
- Declan J. O'Scanlon, Jr. (R, 13) · primary sponsor
Latest actions
- : INT 1RS REF SCU
Subjects: PROPERTY
Common questions
- What is S4581?
- S4581 is a bill in the New Jersey Legislature (2026-2027 Regular Session): Real property-revise statutes concerning assessment.
- What does S4581 do?
- In its own words: An Act concerning the assessment of real property, supplementing Title 54 of the Revised Statutes, and amending and repealing various parts of the statutory law.
- What is the status of S4581?
- In committee as of September 28, 2026. Latest action: INT 1RS REF SCU (September 28, 2026).
- Who sponsored S4581?
- Declan J. O'Scanlon, Jr. (R, 13).
- Where is the official record for S4581?
- On the New Jersey Legislature website: https://www.njleg.state.nj.us/bill-search/2026/S4581
Source: official New Jersey record. Tracked by Delilah, AI for legislation across all 50 states and Congress.