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 between January 1 and October 1 in any

year, or when any parcel of real property contains any building or other structure

which has been erected, added to or improved after October 1 and completed between

January 1 and October 1 following, the assessor shall, after examination and inquiry,

determine the taxable value of such parcel of real property as of the first of the

month following the date of delivery of such deed, or of such completion, and if such

property 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 an

assessment, as an added assessment against such parcel of real property, in the “Added

Assessment List, 19...,” which assessment shall be determined as follows: by multiplying

the amount of such assessment or such excess by the number of whole months remaining

in the calendar year after the date of delivery of such deed, or of such completion,

and dividing the result by 12.