Added Assessments

N.J.S.A. 54:4-63.2 & 54:4-63.3

When a building or structure is erected, added to, or improved after October 1 and completed during the assessment cycle, the assessor must determine the property's taxable value as of the first day of the month following completion and enter the new value (or the excess over the prior October 1 assessment) as an "added assessment." N.J.S.A. 54:4-63.3 governs structures completed between January 1 and October 1 of the tax year, prorating the added assessment by the number of whole months remaining in that tax year (value times months remaining, divided by 12); N.J.S.A. 54:4-63.2 governs structures completed after October 1 and before January 1, applying a full assessment for the following tax year plus a prorated added assessment for the remaining whole months of the pre-tax year. Together these provisions capture mid-cycle improvements that the regular October 1 valuation did not reflect.