Revaluation vs. reassessment
Both update assessments toward current value, but New Jersey uses distinct administrative processes and terminology for municipal-wide assessment maintenance.
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.
Official source
https://www.nj.gov/treasury/taxation/lpt/localtax.shtml
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.