![]() ![]() A reasonable time is allowed for exposure in the open market.Both parties are well informed or well advised, each acting in what he/she considers his/her own best interest.Buyer and seller are typically motivated.Implicit in this definition is the consummation of a sale as of a specified date and the passing of title from seller to buyer under conditions whereby: “Market value” may be defined as, “The most probable price in terms of cash or cash equivalency which a property will bring in a competitive and open market under all conditions requisite to a fair sale, the buyer and seller, each acting prudently, knowledgeably and assuming the price is not affected by undue stimulus. 54:4-23 directs the assessor to “…determine the full and fair value of each parcel of real property situate in the taxing district at such price as, in his judgment, it would sell for at a fair and bona fide sale by private contract on October 1…” New Jersey courts have held “true value,” “market value,” and full and fair value” to be synonymous. True value has been the legal standard for property assessment in New Jersey since 1875. ![]() 54:4-2.25 defines the standard of value as the true value of property. The State Constitution at Article VIII, Section 1, Paragraph 1 requires property to be assessed for taxation “under general laws and by uniform rules” and that all real property, except for agricultural or horticultural land, must be assessed “according to the same standard of value.” Qualified Farmland is assessed on its productivity and agricultural use rather than its value for any other purpose. View and download this information as a shareable pamphlet ![]() Borough of Piscataway - Annual Assessment.Borough of Dunellen - Annual Assessment.Borough of Highland Park - Tax Year 2023.Revaluation Municipalities - Implementation Year ![]()
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