Property Valuation
In New Jersey, a property's assessed value for property tax purposes is set by the:
ANJREC
BCounty or municipal tax assessor✓ Correct
CState Division of Taxation directly
DProperty owner through self-assessment
Explanation
In NJ, property is assessed by the local municipal tax assessor. Assessments are supposed to reflect a uniform percentage of true market value, though the ratio can vary by municipality until a revaluation is conducted.
Related New Jersey Property Valuation Questions
- An appraiser makes a paired sales analysis to determine the market value contribution of a garage. This technique:
- In NJ, which entity licenses and regulates real estate appraisers?
- An appraiser in NJ completing an update appraisal (appraisal update and/or completion report) would use which Fannie Mae form?
- A NJ appraiser performing a retrospective appraisal as of a date 18 months ago would use:
- Economic (external) obsolescence differs from functional obsolescence because it is:
- In NJ, the 'land residual technique' in the income approach to value is used primarily to:
- A property has a net operating income of $48,000 and is valued at $600,000. What is the cap rate?
- In NJ, the term 'as-stabilized' value in an income property appraisal means the value:
Practice More New Jersey Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free New Jersey Quiz →