diff --git a/com.unity.netcode.gameobjects/CHANGELOG.md b/com.unity.netcode.gameobjects/CHANGELOG.md
index 423096ac35..43b381c876 100644
--- a/com.unity.netcode.gameobjects/CHANGELOG.md
+++ b/com.unity.netcode.gameobjects/CHANGELOG.md
@@ -12,6 +12,8 @@ Additional documentation and release notes are available at [Multiplayer Documen
 
 ### Fixed
 
+- Fixed issue where `NetworkVariableBase` derived classes were not being re-initialized if the associated `NetworkObject` instance was not destroyed and respawned. (#3181)
+
 ### Changed
 
 
diff --git a/com.unity.netcode.gameobjects/Runtime/Core/NetworkBehaviour.cs b/com.unity.netcode.gameobjects/Runtime/Core/NetworkBehaviour.cs
index adc7ec0fa4..6b4c3585c3 100644
--- a/com.unity.netcode.gameobjects/Runtime/Core/NetworkBehaviour.cs
+++ b/com.unity.netcode.gameobjects/Runtime/Core/NetworkBehaviour.cs
@@ -918,10 +918,25 @@ internal void __nameNetworkVariable(NetworkVariableBase variable, string varName
             variable.Name = varName;
         }
 
+        /// <summary>
+        /// Does a first pass initialization for RPCs and NetworkVariables
+        /// If already initialized, then it just re-initializes the NetworkVariables.
+        /// </summary>
         internal void InitializeVariables()
         {
             if (m_VarInit)
             {
+                // If the primary initialization has already been done, then go ahead
+                // and re-initialize each NetworkVariable in the event it is an in-scene
+                // placed NetworkObject in an already loaded scene that has already been
+                // used within a network session =or= if this is a pooled NetworkObject
+                // that is being repurposed.
+                for (int i = 0; i < NetworkVariableFields.Count; i++)
+                {
+                    NetworkVariableFields[i].Initialize(this);
+                }
+                // Exit early as we don't need to run through the rest of this initialization
+                // process
                 return;
             }
 
diff --git a/com.unity.netcode.gameobjects/Tests/Runtime/NetworkVariable/NetworkVariableAnticipationTests.cs b/com.unity.netcode.gameobjects/Tests/Runtime/NetworkVariable/NetworkVariableAnticipationTests.cs
index c436275fea..f73b42484a 100644
--- a/com.unity.netcode.gameobjects/Tests/Runtime/NetworkVariable/NetworkVariableAnticipationTests.cs
+++ b/com.unity.netcode.gameobjects/Tests/Runtime/NetworkVariable/NetworkVariableAnticipationTests.cs
@@ -248,25 +248,25 @@ public void WhenServerChangesSmoothValue_ValuesAreLerped()
 
             WaitForMessageReceivedWithTimeTravel<NetworkVariableDeltaMessage>(m_ClientNetworkManagers.ToList());
 
-            Assert.AreEqual(15 + 1f / 60f * 5, testComponent.SmoothOnAnticipationFailVariable.Value, Mathf.Epsilon);
+            Assert.AreEqual(15 + 1f / 60f * 15, testComponent.SmoothOnAnticipationFailVariable.Value, Mathf.Epsilon);
             Assert.AreEqual(20, testComponent.SmoothOnAnticipationFailVariable.AuthoritativeValue, Mathf.Epsilon);
 
-            Assert.AreEqual(0 + 1f / 60f * 20, otherClientComponent.SmoothOnAnticipationFailVariable.Value, Mathf.Epsilon);
+            Assert.AreEqual(1f, otherClientComponent.SmoothOnAnticipationFailVariable.Value, 0.000015f);
             Assert.AreEqual(20, otherClientComponent.SmoothOnAnticipationFailVariable.AuthoritativeValue, Mathf.Epsilon);
 
-            for (var i = 1; i < 60; ++i)
+            for (var i = 1; i < 15; ++i)
             {
                 TimeTravel(1f / 60f, 1);
 
-                Assert.AreEqual(15 + 1f / 60f * 5 * (i + 1), testComponent.SmoothOnAnticipationFailVariable.Value, 0.00001);
+                Assert.AreEqual(15 + 1f / 60f * 15 * (i + 1), testComponent.SmoothOnAnticipationFailVariable.Value, 0.00001);
                 Assert.AreEqual(20, testComponent.SmoothOnAnticipationFailVariable.AuthoritativeValue, Mathf.Epsilon);
 
-                Assert.AreEqual(0 + 1f / 60f * 20 * (i + 1), otherClientComponent.SmoothOnAnticipationFailVariable.Value, 0.00001);
+                Assert.AreEqual(1.0f + i, otherClientComponent.SmoothOnAnticipationFailVariable.Value, 0.00001);
                 Assert.AreEqual(20, otherClientComponent.SmoothOnAnticipationFailVariable.AuthoritativeValue, Mathf.Epsilon);
             }
             TimeTravel(1f / 60f, 1);
-            Assert.AreEqual(20, testComponent.SmoothOnAnticipationFailVariable.Value, Mathf.Epsilon);
-            Assert.AreEqual(20, otherClientComponent.SmoothOnAnticipationFailVariable.Value, Mathf.Epsilon);
+            Assert.AreEqual(19, testComponent.SmoothOnAnticipationFailVariable.Value, Mathf.Epsilon);
+            Assert.AreEqual(16, otherClientComponent.SmoothOnAnticipationFailVariable.Value, 0.00001);
         }
 
         [Test]