If a line item is missed on a tax book, what type of assessment is required?

An omitted assessment is specifically designed to address the situation where a line item is inadvertently left out of the tax roll. This type of assessment allows the taxing authority to correct the oversight by adding the value of the missed property or item to the tax book, ensuring that it is assessed fairly for taxation in subsequent periods.

In New Jersey, when a property is not listed on the tax books and is therefore not being taxed, an omitted assessment is necessary to capture that value and adjust the tax obligations accordingly. This is particularly important for maintaining equity in the assessment process, as all properties should contribute to the overall tax base if they meet the criteria for inclusion.

By initiating an omitted assessment, the tax assessor can rectify the error, ensuring that the property in question is recognized for tax purposes and that the taxpayer fulfills their fair share of tax responsibility moving forward. This process also helps prevent revenue loss for the municipality that would arise from properties that remain unassessed.