New Jersey § 54:4-63

§ 54:4-63.

When any parcel of real property has been sold by any municipality as not needed for

public use, and the deed has been delivered after October 1 in any year and before

January 1 following, or when any parcel of real property contains any building or

other structure which has been erected, added to or improved after October 1 in any

year and completed before January 1 following, the assessor shall, after examination

and inquiry, determine the taxable value of such parcel of real property as of the

first day of the month following completion or sale of said property and if such parcel

of real estate was not assessed as of October 1 preceding or if such value so determined

exceeds the assessment made as of October 1 preceding, the assessor, shall enter the

amount of such assessment or such excess, as an assessment or an added assessment

against such parcel of real property, for the subsequent tax year in a list to be

known as the “Added Assessment List, 19․․․” (inserting the name of the year in which the assessment is made); such entry to

be made opposite the name of the owner and the description and area of the parcel

of real property. In addition, the assessor shall enter in such added assessment list an assessment

for that portion of the pretax year between the first day of the month following completion

or sale of said property and December 31 to be determined by multiplying the amount

of such assessment or such excess by the number of whole months remaining in the pretax

year after the completion or sale of said property, and by dividing the result by

12.