What assessment metric is used during a non-reval year for personal property?

During a non-revaluation year, the assessment metric used for personal property primarily involves utilizing the book value multiplied by the director's ratio. This approach leverages the concept that the book value reflects the actual value as recorded in the accounting records of a business, while the director's ratio serves as a standardized adjustment to account for current market conditions.

By multiplying the book value by the director's ratio, assessors ensure that the assessed value aligns with the changing conditions in the real estate market, thus maintaining fairness and accuracy without necessitating a full reevaluation of all properties in the area during a non-reval year. This method is efficient and practical, allowing for consistent assessments while reflecting economic changes without imposing the costs and complexities of a complete revaluation process.

The other assessment metrics do not align with the methodologies typically employed in New Jersey for personal property assessments during non-revaluation years.