1
NJ Tax Assessors Exam - Terms and Concepts 2025
update| comprehensive questions and verified
answers (complete solutions) ASSURED
SUCCESS|GRADE A+!! (100% ACCURATE) GET IT
RIGHT!!
What are the three basic requirements of the assessor? - (answers)Discovery,
listing, and valuation
To find effective tax rate multiply the tax rate by ____? - (answers)Assessment
level
The six basic rights associated with property are ______? - (answers)Sell,
lease/rent, use, give away, enter or leave, refusal to do any of the above
What are the three major classifications of property? - (answers)Real property,
personal property, intangible personal property
List the appraisal principles which form the foundation for highest and best use
analysis. - (answers)Anticipation, balance, change, competition, conformity,
consistent use, contribution, increasing and decreasing returns, substitution,
supply and demand, surplus productivity
What are the four forces that influence value? - (answers)Physical, economic,
governmental, social
, 2
Highest and best use is always the that use that would produce the ______ ____
of a property, regardless of its actual current use. - (answers)Highest value
The four tests for highest and best use are _____ - (answers)Legally allowable,
physically allowable, financially feasible, maximally productive
List the 7 major steps of the appraisal process. - (answers)1. Definition of the
problem,
2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to derive final estimate of
defined value
What are the three approaches to value used by appraisers to estimate value? -
(answers)Cost, sales comparison, and income
The land identification system based on semi-permanent physical features or
bearings on a compass is known as ____ and ____. - (answers)Metes and bounds
Residential subdivisions are commonly described by the ____ and ____ system of
land identification. - (answers)Block and lot
, 3
Name the 8 characteristics that affect land value. - (answers)Frontage, width,
depth, area, shape, topography, location, and off-site improvements
What is the 40-30-20-10 rule? - (answers)This rule describes the percentage of
the value of each quarter of land based on its depth. The first 25% of the land
amounts to 40% of the assessed value, the next 25% represents 30% of the value,
the next 25% represents 20%, and the final 25% represents 10%.
Cost to produce an exact replica of a structure using the same materials,
construction standards, and quality of workmanship is known as ________ ____
___ - (answers)Reproduction cost new
Cost to produce a structure with equivalent utility using contemporary materials
and standards is known as _________ ____ ___ - (answers)Replacement cost new
Cost of a property when it was originally constructed is known as __________
cost - (answers)Historical
The age of a property based on condition and utility is know as the ______ ___. -
(answers)Effective age (EA)
Compare and contrast remaining economic life (REL) and economic life (TEL). -
(answers)REL estimates the number of years remaining during which
improvements contribute to property. TEL is the total number of years that
improvements on land contribute to property value.
NJ Tax Assessors Exam - Terms and Concepts 2025
update| comprehensive questions and verified
answers (complete solutions) ASSURED
SUCCESS|GRADE A+!! (100% ACCURATE) GET IT
RIGHT!!
What are the three basic requirements of the assessor? - (answers)Discovery,
listing, and valuation
To find effective tax rate multiply the tax rate by ____? - (answers)Assessment
level
The six basic rights associated with property are ______? - (answers)Sell,
lease/rent, use, give away, enter or leave, refusal to do any of the above
What are the three major classifications of property? - (answers)Real property,
personal property, intangible personal property
List the appraisal principles which form the foundation for highest and best use
analysis. - (answers)Anticipation, balance, change, competition, conformity,
consistent use, contribution, increasing and decreasing returns, substitution,
supply and demand, surplus productivity
What are the four forces that influence value? - (answers)Physical, economic,
governmental, social
, 2
Highest and best use is always the that use that would produce the ______ ____
of a property, regardless of its actual current use. - (answers)Highest value
The four tests for highest and best use are _____ - (answers)Legally allowable,
physically allowable, financially feasible, maximally productive
List the 7 major steps of the appraisal process. - (answers)1. Definition of the
problem,
2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to derive final estimate of
defined value
What are the three approaches to value used by appraisers to estimate value? -
(answers)Cost, sales comparison, and income
The land identification system based on semi-permanent physical features or
bearings on a compass is known as ____ and ____. - (answers)Metes and bounds
Residential subdivisions are commonly described by the ____ and ____ system of
land identification. - (answers)Block and lot
, 3
Name the 8 characteristics that affect land value. - (answers)Frontage, width,
depth, area, shape, topography, location, and off-site improvements
What is the 40-30-20-10 rule? - (answers)This rule describes the percentage of
the value of each quarter of land based on its depth. The first 25% of the land
amounts to 40% of the assessed value, the next 25% represents 30% of the value,
the next 25% represents 20%, and the final 25% represents 10%.
Cost to produce an exact replica of a structure using the same materials,
construction standards, and quality of workmanship is known as ________ ____
___ - (answers)Reproduction cost new
Cost to produce a structure with equivalent utility using contemporary materials
and standards is known as _________ ____ ___ - (answers)Replacement cost new
Cost of a property when it was originally constructed is known as __________
cost - (answers)Historical
The age of a property based on condition and utility is know as the ______ ___. -
(answers)Effective age (EA)
Compare and contrast remaining economic life (REL) and economic life (TEL). -
(answers)REL estimates the number of years remaining during which
improvements contribute to property. TEL is the total number of years that
improvements on land contribute to property value.
