New Jersey § 54:4-23

§ 54:4-23.

All real property shall be assessed to the person owning the same on October 1 in

each year. The assessor shall ascertain the names of the owners of all real property situate

in his taxing district, and after examination and inquiry, determine the full and

fair value of each parcel of real property situate in the taxing district at such

price as, in his judgment, it would sell for at a fair and bona fide sale by private

contract on October 1 next preceding the date on which the assessor shall complete

his assessments, as hereinafter required; provided, however, that in determining

the full and fair value of land which is being assessed and taxed under the Farmland

Assessment Act of 1964, chapter 48, laws of 1964, 1 the assessor shall consider only those indicia of value which such land has for agricultural

or horticultural use as provided by said act; and provided further however, that

when the assessor has reason to believe that property comprising all or part of a

taxing district has been assessed at a value lower or higher than is consistent with

the purpose of securing uniform taxable valuation of property according to law for

the purpose of taxation, or that the assessment of property comprising all or part

of a taxing district is not in substantial compliance with the law and that the interests

of the public will be promoted by a reassessment of such property, the assessor shall,

after due investigation, make a reassessment of the property in the taxing district

that is not in substantial compliance, provided that (1) the assessor has first notified,

in writing, the mayor, the municipal governing body, the county board of taxation,

and the county tax administrator of the basis of the assessor's determination that

a reassessment of that property in the taxing district is warranted and (2) the assessor

has submitted a copy of a compliance plan to the county board of taxation for approval. In the case of real property located in a county participating in the demonstration

program established in section 4 of P.L.2013, c. 15 ( C.54:1-104 ), the assessor of the municipality in which the real property is situate, after due

investigation, shall make a reassessment of the property in the taxing district that

is not in substantial compliance . Following a reassessment of a portion of the taxing district pursuant to the provisions of this section , the assessor shall certify to the county board of taxation, through such sampling

as the county board of taxation deems adequate, that the reassessment is in substantial

compliance with the portions of the taxing district that were not reassessed. For the purposes of assessment, the assessor shall compute and determine the taxable

value of such real property at the level established for the county pursuant to law. 1

N.J.S.A. § 54:4-23.1 et seq.