Permits demonstration county to terminate its participation in the "Real Property Assessment Demonstration Program."

This bill (A651) allows counties currently participating in New Jersey's Real Property Assessment Demonstration Program to end their participation early. A county's governing body can pass a resolution to terminate the program, effective for the next tax year, causing all municipalities in that county to return to standard property assessment rules instead of the demonstration program. The bill also ensures municipalities undergoing a revaluation cannot join the program during that revaluation year. It directly affects participating counties (like Monmouth or Ocean) and their municipalities by providing flexibility to exit the program before the final evaluation report is due.