New Jersey Property Tax Laws and Regulations
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Questions and Answers

According to the provided data, what is the median value per front foot?

  • $351,694
  • $9.06
  • $1,812.50
  • $1,800 (correct)

    • Which of these methods is NOT explicitly listed as a category of estimating cost in the appraisal manual?

  • Quantity survey
  • Unit-in-place
  • Comparative Unit
  • Trended historical adjustment (correct)

    • What is the basis for developing building costs according to the NJ Appraisal Manual?

  • Historical data
  • Land value appraisals
  • Costs of labor and materials (correct)
  • Sales of comparable properties

    • The NJ Appraisal Manual provides unit costs for which of the following dwelling types?

    <p>Single family homes (D)</p> Signup and view all the answers

    For triangle lots with the base on the street, what percentage of value is typically assigned?

    <p>65% (C)</p> Signup and view all the answers

    Which of the following is NOT listed as a possible shape of lots for which rules are provided?

    <p>Circular (A)</p> Signup and view all the answers

    What is the date used as the basis for unit replacement costs in the NJ Appraisal Manual?

    <p>October 1, 2001 (B)</p> Signup and view all the answers

    Which cost estimation methods are utilized in the NJ appraisal manual?

    <p>Unit-in-place and comparative unit (C)</p> Signup and view all the answers

    Using the provided depth chart, what factor is applied to a property with a depth of 130 feet?

    <p>1.30 (A)</p> Signup and view all the answers

    In the given depth chart, what is the corresponding factor for a depth of 160 feet?

    <p>1.45 (A)</p> Signup and view all the answers

    According to the chart, what depth in feet corresponds to a factor of 1.10?

    <p>110 (C)</p> Signup and view all the answers

    What is the factor used in the depth chart when a property has a depth of 150 feet?

    <p>1.40 (D)</p> Signup and view all the answers

    Based on the depth chart, if a property has a depth of 170 feet, what factor should be applied?

    <p>1.48 (B)</p> Signup and view all the answers

    What factor from the depth chart is applied to a property that has a depth of 140 feet?

    <p>1.35 (D)</p> Signup and view all the answers

    A property has a depth of 120 feet. According to the chart provided, what is its corresponding factor?

    <p>1.20 (C)</p> Signup and view all the answers

    According to the depth chart, what is the factor applied to a property with a depth of 180 feet?

    <p>1.50 (C)</p> Signup and view all the answers

    Using the depth chart, a property with a depth of 100 feet has what factor applied to it?

    <p>1.00 (A)</p> Signup and view all the answers

    According to the depth chart provided, what is the factor of a property with 110 feet?

    <p>1.10 (D)</p> Signup and view all the answers

    A commercial lot measuring 200' x 400' is sold for $80,000. What is the price per square foot?

    <p>$1.00 per square foot (B)</p> Signup and view all the answers

    A commercial lot measuring 200' x 400' sold for $80,000. If the standard depth for the area is 400', what is the front foot value?

    <p>$400 per front foot (D)</p> Signup and view all the answers

    Mr. Jones is constructing a patio with dimensions of 12 feet by 9 feet, which will be 6 inches thick. How many cubic yards of concrete will he need?

    <p>2 cubic yards (A)</p> Signup and view all the answers

    In a depth chart where the standard depth is 120', what is the interval for depth adjustments if there are four known points at equal intervals?

    <p>30 feet (C)</p> Signup and view all the answers

    A lot measuring 60' x 100' sold for $100,000 and another lot measuring 60' x 120' sold for $120,000. What is the price per square foot for a lot with a 100ft depth?

    <p>$16.67 per square foot (A)</p> Signup and view all the answers

    Given the following sales data: 60 x 100 lot for $100,000 and 60 x 120 lot for $120,000 what would be the adjusted price for a 60 x 130 lot?

    <p>$130,000 (D)</p> Signup and view all the answers

    Given the following sales data: 60 x 100 lot for $100,000, 60 x 120 lot for $120,000, what is depth factor for a plot of land with 150 foot depth, when the standard depth is 100?

    <p>1.40 (C)</p> Signup and view all the answers

    Using the depth chart methodology, what happens to the adjustments as the intervals increase from 100 feet?

    <p>The adjustments decrease at a linear rate (C)</p> Signup and view all the answers

    Flashcards

    Mean

    The average value calculated by adding all numbers and dividing by their count.

    Median

    The middle value in a sorted list of numbers.

    Cost Approach

    A method for estimating property value based on replacement costs minus depreciation.

    Unit-in-Place

    A method that estimates costs based on individual building components as constructed.

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    Comparative Unit

    A method that estimates costs by comparing similar projects or units.

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    Replacement Cost

    The cost to replace a property with a similar one at current prices.

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    Unit Costs

    Costs attributed to specific units of construction, such as per square foot.

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    Building Classes

    Categories of buildings based on type, used for cost estimation.

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    Depth Factor

    A numerical value representing the value of property at varying depths, used in appraisal.

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    Depth Chart

    A table that relates property depth in feet to its corresponding factor for valuation.

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    100% Depth

    The full depth value of 120 feet with a factor of 1.00, serving as a baseline for appraisal.

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    90% Depth Values

    Depth values at 90% start with 90 feet, pricing decreases as depth reduces.

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    70% Depth Values

    Rapidly declining depth values starting at 60 feet, with factors dropping significantly per depth decrease.

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    40% Depth Values

    Factors decrease further at 30 to 10 feet; values are diminished at shallower depths.

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    Depth at 180 feet

    180 feet depth equates to a factor of 1.50, indicating increased value due to depth.

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    Depth at 100 feet

    At a depth of 100 feet, the factor is 1.00, marking the baseline in the depth chart.

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    Factor Calculation Example

    An example calculation for property value; associated factors may determine appraisal worth.

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    Appraisal Manual Purpose

    A guide for assessors in New Jersey on property valuation tactics, including depth.

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    Front Foot Value

    The price per front foot for a parcel of land.

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    Cubic Yards Calculation

    The volume of concrete needed in cubic yards.

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    Depth Chart Creation

    A chart representing land depth at intervals.

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    Lot Sales Price Analysis

    The relationship between lot size and sales price.

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    Commercial Lot Dimensions

    The size of a commercial lot for valuation.

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    Concrete Volume Formula

    Volume = length x width x depth (in yards).

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    Factors for Lot Depth

    Developed factors to compare varying lot depths.

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    Sales Price per Square Foot

    The price calculated by dividing total price by square footage.

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    Study Notes

    New Jersey Property Tax Laws and Regulations

    • The document is an appraisal manual for New Jersey assessors
    • It details valuation procedures and legal basis for assessment
    • The manual covers objectives, narrative, valuation, assessment, and tax calculation examples
    • It also details the appraisal process

    Table of Contents

    • The document's table of contents lists each chapter title and its corresponding page number
    • The topics covered include objectives, narrative readings, class exercises, questions, answers, and extracts from the appraisal manual
    • The page numbers show the content's organization.

    Objectives

    • Assessors need to understand the appraisal process
    • Assessors need to know the different approaches to property valuation
    • Assessors need to calculate tax rates

    Valuation

    • Local property tax is calculated based on the relationship between assessed property value and budget levy (total amount needed)
    • An example illustrates calculating residual amount and tax rate
    • Assessed value is multiplied by a tax rate to determine property tax due

    Appraisal Process

    • The appraisal process includes defining the problem, preliminary survey, data collection, and analysis of findings
    • The goal is to interpret the thinking of buyers and sellers
    • Three main approaches used in property valuation are market, cost, and income approaches

    Units of Measure and Market Value

    • The document offers a class exercise involving land parcels of varying sizes and sales prices
    • Calculations are needed to determine front footage, square footage, acreage, and prices per unit of measure for each parcel
    • This exercise helps understand market value comparisons

    Appraisal Manual Excerpt

    • The manual details base specifications for single-family residences like roofing, foundation, structure materials, and plumbing
    • It includes estimates and costs for base specifications of each category, such as floor, plumbing, and heating
    • Provides costs and factors for classification for various building types like farm buildings, apartments (two to four family), and mobile homes.

    Study Questions

    • The manual provides study questions on topics like calculating wall ratios for buildings, determining land values per square foot based on sales data, and calculating cubic yards of concrete for a patio project
    • It covers depth charts for analysis of sales of properties in neighborhoods with varying depths based on creek beds
    • Sample solutions are provided for the questions for learners to check their understanding

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    New Jersey Property Tax Laws & Regulations PDF

    Description

    This quiz explores the appraisal manual for New Jersey assessors, focusing on valuation procedures, legal frameworks, and examples of tax calculation. Assessors will benefit from understanding the objectives, assessment processes, and methodologies discussed in the manual. Perfect for anyone involved in property assessment and taxation.

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