Requires municipal-wide reassessment of real property under certain circumstances.

This bill requires New Jersey municipal assessors to conduct periodic reassessments of all real property to ensure the ratio of assessed value to market value stays between 90% and 110% for every tax year. If the ratio falls outside this range, assessors must perform a reassessment to correct it. Assessors must annually certify compliance with this ratio to the Division of Taxation, and failure to do so constitutes "good cause" for removal from office. The bill directly affects municipal assessors and homeowners, as it aims to align property tax assessments more closely with current market values.