New Jersey property-tax definition
Revaluation vs. reassessment
Both update assessments toward current value, but New Jersey uses distinct administrative processes and terminology for municipal-wide assessment maintenance.
Worked New Jersey example
A townwide reset can materially change assessed values while the final tax burden still depends on the new rate and total ratable base.
Why it matters
Watchdog keeps the definition beside the property data so users can distinguish an observed public record from an interpretation or derived screening signal.
Official source
For homeowners
Use the term to understand what a tax or assessment record is actually saying before assuming it represents market value or a future bill.
For professionals
Keep the source and observation date with the number, verify the authoritative record, and document any calculation or professional conclusion separately.