A representative from the assessor's office inspects the property (in its entirety) and assesses it at the current market value (as of October 1 of the previous year). The added assessment is the amount of the difference between the old assessment and the value of the entire property at the end of the project.
Property is valued from scratch and is adjusted to the the last town wide revaluation. Assessments are calculated as of October 1 of the previous year, which is then prorated. A completion date is determined by the Assessor according to "readiness for intended use" (not by the date of the final inspection/Certificate of Occupancy [C.O.]). When work was completed during the prior year, an omitted added assessment bill will be sent. All bills are sent out by the Tax Collector by October 25 and payable by November 1. The dates are mandated by the State of New Jersey.