5. a. On or before December 31 of the third full calendar year next following the effective date of P.L.2009, c.118 (C. 54:1-86 et al.) every municipality within the pilot county shall implement a real property revaluation.

b. (1) The county assessor appointed pursuant to subsection a. of section 4 of P.L.2009, c.118 (C. 54:1-89) shall assist the municipalities in meeting the requirements of subsection a. of this section through the promulgation of a phase-in plan for the orderly completion and implementation of the municipal revaluations, or by any other means he deems appropriate.

(2) The county assessor may waive the revaluation requirement for a particular municipality under subsection a. of this section upon his finding that the municipality implemented a revaluation within 24 months of the effective date of P.L.2009, c.118 (C. 54:1-86 et al.).

c. The cost of the revaluations required under subsection a. of this section shall be paid by the pilot county. The costs of a previous revaluation for a municipality that has been granted a waiver under paragraph (2) of subsection b. of this section shall be reimbursed by the pilot county. Following the completion of the three year period established pursuant to subsection a. of this section, the State shall reimburse the pilot county for those amounts using funds made available to the pilot county from either the SHARE program pursuant to section 30 of P.L.2007, c.63 (C. 40A:65-30) or from the Consolidation Fund established by P.L.2008, c.35, or both in equal installments, over three years.

d. The monies required to be paid for municipal revaluations by a pilot county pursuant to subsection c. of this section and the pilot county’s administrative start-up costs shall not be included or considered a part of the county tax levy under section 4 of P.L.1976, c.68 (C. 40A:4-45.4) or a part of the county’s adjusted tax levy under sections 9 and 10 of P.L.2007, c.62 (C. 40A:4-45.44 and 40A:4-45.45).

L.2009, c.118, s.5.