Real Property Assessment / True Value

N.J.S.A. 54:4-23

Requires the municipal assessor to determine the "full and fair value" of each parcel of real property at the price it would sell for at a fair and bona fide sale by private contract as of October 1 preceding the date the assessor completes the assessments, and to make a reassessment where property is not in substantial compliance with this standard. New Jersey courts treat "true value," "market value," and "full and fair value" as synonymous; land qualified under the Farmland Assessment Act of 1964 is valued only on the indicia of value it has for agricultural or horticultural use.