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NJ TAX ASSESSORS EXAM - TERMS
AND CONCEPTS 2025 BRAND NEW
ACTUAL EXAM WITH ANSWERS.
An allowance for vacancy and collection loss is estimated as a
percentage of ______ ____ _______ - correct answer-Potential
gross income
A building is depreciated at 2.5% per year on a straight-line basis.
What is the estimated useful life of the building? - correct answer-
40 years
A $200,000 structure, started August 1, 2010, is 60% complete on
October 1, 2010. The remaining 40% is completed on March 22,
2011. What partial and added assessments should be made?
Give the filing date and amount for each assessment. - correct
answer-The 2011 partial assessment on the structure is
$120,000. An Added Assessment of $60,000 ($80,000 x 9/12)
would be made as of April 1, 2011 and entered on the 2011
Added Assessment List to be filed on October 1, 2011. The
regular taxes due on the improvement for 2011 would be the 2011
tax rate times the partial assessment, $120,000. The added
taxes, due on November 1, 2011, would be the 2011 tax rate
times the prorated Added Assessment, $60,000.
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Whenever the County Board of Taxation, Tax Court of New
Jersey or Superior Court is satisfied by the proofs that the ratio of
the assessed valuation of the subject property to its true value
exceeds the Upper Limit or falls below the Lower Limit of the
Common Level Range, it shall revise the taxable value of the
property by applying the Average Ratio to the True Value of the
property. If the Average Ratio in Atlantic County is 95.41%, find
the upper and lower limits according to Chapter 123. A certain
property has a true value of $100,000 and an assessed value of
$120,000. Does the ratio of assessment fall within these limits? If
not, what should the taxable value be? - correct answer-81.10-
109.72%
No
Taxable value = $95,410
If Veteran acquires ownership of New Avenue property after
October 1, 2011, is he eligible for a deduction in 2012? - correct
answer-The veteran is not eligible for deduction for 2012 on New
Avenue. Veteran must file an application on or after October 1,
2012 for New Avenue to qualify for deduction on that property for
tax year 2013.
Consider a property with two owners, both senior citizens. Ethel
owns 75% of the property. Jasper owns 25%. What is the senior
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citizen deduction for each owner? What is the total deduction on
the property? - correct answer-Ethel - $187.50
Jasper - $62.50
Total - $250
TRUE OR FALSE: Taxpayers may inspect the assessment list
before the assessor files it with the County Board of Taxation. -
correct answer-True. The taxpayer can find out what
assessments have been made against her or her property and
point out any errors to the assessor so that they can be corrected
before the list is filed.
Does the assessor have the authority to make changes after the
assessment list is filed with the County Board of Taxation? -
correct answer-No. The assessor can, however, informally apply
to the tax board any time prior to its final certification of the list to
request that an assessment be amended. If an error is discovered
after the list has been certified, a formal tax appeal would be
necessary to obtain a change in assessment for the year at issue.
A taxpayer receives a Notification of Change in Assessment on
April 10. How long does she have to submit an appeal? - correct
answer-45 days
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If a taxpayer files an appeal, does he still pay his tax bill for that
year? - correct answer-Yes. All taxes due must be paid to the
collector.
A taxpayer is charged $400 in excess because of an erroneous
assessment and files a successful appeal. How much should be
be refunded? - correct answer-$400 plus 5% interest per annum
from the date of payment
Before a hearing of an appeal in which a taxpayer takes issue
with the assessor's valuation, the assessor should consider the
following 3 questions: - correct answer-1. Is the information
submitted by the taxpayer accurate?
2. Are the comparables or income expenses representative of the
market and truly comparable?
3. Is the taxpayer's request reasonable and does the taxpayer
have a valid argument?
In every appeal, the assessor should be prepared to present
documents of the facts and be prepared to defend his decisions.
What are some steps the assessor should take in order to
prepare for the appeal hearing? - correct answer-1. Review the
Property Record Card for accuracy and completeness
NJ TAX ASSESSORS EXAM - TERMS
AND CONCEPTS 2025 BRAND NEW
ACTUAL EXAM WITH ANSWERS.
An allowance for vacancy and collection loss is estimated as a
percentage of ______ ____ _______ - correct answer-Potential
gross income
A building is depreciated at 2.5% per year on a straight-line basis.
What is the estimated useful life of the building? - correct answer-
40 years
A $200,000 structure, started August 1, 2010, is 60% complete on
October 1, 2010. The remaining 40% is completed on March 22,
2011. What partial and added assessments should be made?
Give the filing date and amount for each assessment. - correct
answer-The 2011 partial assessment on the structure is
$120,000. An Added Assessment of $60,000 ($80,000 x 9/12)
would be made as of April 1, 2011 and entered on the 2011
Added Assessment List to be filed on October 1, 2011. The
regular taxes due on the improvement for 2011 would be the 2011
tax rate times the partial assessment, $120,000. The added
taxes, due on November 1, 2011, would be the 2011 tax rate
times the prorated Added Assessment, $60,000.
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Whenever the County Board of Taxation, Tax Court of New
Jersey or Superior Court is satisfied by the proofs that the ratio of
the assessed valuation of the subject property to its true value
exceeds the Upper Limit or falls below the Lower Limit of the
Common Level Range, it shall revise the taxable value of the
property by applying the Average Ratio to the True Value of the
property. If the Average Ratio in Atlantic County is 95.41%, find
the upper and lower limits according to Chapter 123. A certain
property has a true value of $100,000 and an assessed value of
$120,000. Does the ratio of assessment fall within these limits? If
not, what should the taxable value be? - correct answer-81.10-
109.72%
No
Taxable value = $95,410
If Veteran acquires ownership of New Avenue property after
October 1, 2011, is he eligible for a deduction in 2012? - correct
answer-The veteran is not eligible for deduction for 2012 on New
Avenue. Veteran must file an application on or after October 1,
2012 for New Avenue to qualify for deduction on that property for
tax year 2013.
Consider a property with two owners, both senior citizens. Ethel
owns 75% of the property. Jasper owns 25%. What is the senior
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citizen deduction for each owner? What is the total deduction on
the property? - correct answer-Ethel - $187.50
Jasper - $62.50
Total - $250
TRUE OR FALSE: Taxpayers may inspect the assessment list
before the assessor files it with the County Board of Taxation. -
correct answer-True. The taxpayer can find out what
assessments have been made against her or her property and
point out any errors to the assessor so that they can be corrected
before the list is filed.
Does the assessor have the authority to make changes after the
assessment list is filed with the County Board of Taxation? -
correct answer-No. The assessor can, however, informally apply
to the tax board any time prior to its final certification of the list to
request that an assessment be amended. If an error is discovered
after the list has been certified, a formal tax appeal would be
necessary to obtain a change in assessment for the year at issue.
A taxpayer receives a Notification of Change in Assessment on
April 10. How long does she have to submit an appeal? - correct
answer-45 days
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If a taxpayer files an appeal, does he still pay his tax bill for that
year? - correct answer-Yes. All taxes due must be paid to the
collector.
A taxpayer is charged $400 in excess because of an erroneous
assessment and files a successful appeal. How much should be
be refunded? - correct answer-$400 plus 5% interest per annum
from the date of payment
Before a hearing of an appeal in which a taxpayer takes issue
with the assessor's valuation, the assessor should consider the
following 3 questions: - correct answer-1. Is the information
submitted by the taxpayer accurate?
2. Are the comparables or income expenses representative of the
market and truly comparable?
3. Is the taxpayer's request reasonable and does the taxpayer
have a valid argument?
In every appeal, the assessor should be prepared to present
documents of the facts and be prepared to defend his decisions.
What are some steps the assessor should take in order to
prepare for the appeal hearing? - correct answer-1. Review the
Property Record Card for accuracy and completeness
