Every New Jersey town assigns each home an Assessed Value for tax purposes. It stays the same every year until the town changes it (a "Reassessment"), which it usually does to every home in town at once.*
Market Value is different — it's what the home could actually sell for today. Your property tax bill isn't based on Market Value. It's based on Assessed Value.
When a town reassesses, it tries to set Assessed Value close to Market Value. But most towns don't reassess every year, so Market Value tends to drift away from Assessed Value over time — usually upward.
* Specific homes can sometimes be reassessed individually during a sale or major renovation.
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