On what date is the valuation for tax assessments established?

The valuation for tax assessments is established on October 1st. This date is significant in the assessment process as it marks the relevant date for determining the value of properties in a given tax year. New Jersey law mandates that assessments reflect the value of real property as of October 1st of the preceding year.

This means that the assessed value is based on conditions that existed on that date, allowing the assessment to reflect the property market as it stands at that particular time. This framework ensures that all properties are evaluated consistently and fairly for taxation purposes, allowing for comparability among properties.

Valuing properties on any of the other dates listed would not align with New Jersey's established assessment calendar and might lead to discrepancies in the taxation process. Therefore, October 1st is both the legally required and practical date for establishing property valuations for tax assessments.