The function of the tax assessor is to place an assessed valuation on each property in the township. These valuations are based upon the market value of the entire property, including the value of the land, and all of the buildings on it. For residential homes, the market value can be verified by analyzing the sales of comparable homes.
Market Value is an estimate of how much money a property would sell for on the open market, at a certain date in time. Assessed valuations in New Jersey are based upon the market value of each property on October 1 of the previous year. The quality, size, age, condition, style, and appearance of a home or building, plus the functional value and convenience of extra bathrooms, fireplaces, air conditioning, finished basements, garages, swimming pools, decks, patios, and similar features all contribute to the value of the improvements on a property. The location, size, shape, topography, view, and utilities available to a parcel of land are the key factors that influence the value of land in the marketplace. The combined value of land and Improvements determines the market value of a property.