What is the constitutional assessing date?

The constitutional assessing date is significant in the context of property taxation in New Jersey, as it establishes a uniform date for determining property values for tax purposes. October 1st is the date set forth in the New Jersey Constitution for assessing property values, which means that all property assessments in the state must reflect the value of the property as of this date. This consistency ensures that property taxes are based on the same point in time, promoting fairness and equity in the assessment process.

Using this date also helps local tax assessors to comply with legal requirements, as they must evaluate property based on its condition and market value as of October 1st of the preceding tax year. Therefore, when preparing to assess properties, tax assessors look at sales data and market trends up until this date to make informed decisions about property values. This is why October 1st is the correct constitutional assessing date.