What is the primary purpose of property assessment in New Jersey?

The primary purpose of property assessment in New Jersey is to establish equitable property values for taxation. This process involves evaluating and assessing properties to ensure that the tax burden is distributed fairly among property owners. By determining accurate property values based on market trends, property assessments help local governments calculate property taxes effectively, ensuring that each property owner contributes their fair share to fund public services and infrastructure.

Equity in property taxation is crucial because it prevents disparities where some property owners might pay significantly more or less than others for the same level of services. A fair assessment process reflects current market conditions, which creates a balanced approach to taxation based on the true value of properties.

Determining the fair market value of properties is an essential aspect of the assessment process, but it is not the primary goal. Although it contributes to achieving equitable taxation, the main focus remains on establishing values that support an equitable tax system. Regulating property ownership changes does not directly relate to the assessment process, as property assessments are primarily concerned with taxation rather than ownership dynamics.