New Jersey § 54:4-9

§ 54:4-9.

(a) Tangible household personal property and personal effects shall be assessed and

taxed for local use unless the governing body of the municipality within which the

same is located shall determine, by ordinance, not to tax the same, in which event

such property shall not be so assessed and taxed so long as the ordinance is in effect. A certified copy of such ordinance shall be filed with the Division of Taxation

in the Department of the Treasury, and with the county board of taxation. Such property shall be assessed according to the fair value thereof, and the assessment

shall be expressed at that percentage of such fair value as is established pursuant

to law as the percentage level for the taxation of real property within the county

in which the municipality is located. Such property shall be taxed at the general tax rate of the taxing district for

the year preceding the year in which the tax is payable. The valuations of such property shall not be included in computing the “apportionment

valuation” to be determined under R.S. 54:4-49 or in computing the “equalized valuation” to be determined under section 2, chapter

86 of the laws of 1954, 1 and the revenue from such taxation shall be treated as anticipated revenue from sources

other than the general taxation of property. The taxable valuations of tangible household personal property and personal effects

determined under this section shall be reported by the assessor of each taxing district

on a separate tax list and duplicate which shall be filed with the county board of

taxation on or before January 10 in each year. (b) The fair value of tangible household personal property taxable pursuant to law

shall be the value thereof for each household if offered for sale as a single lot. The owner of such property may file proofs with the assessor to assist in the determination

of such fair value. In the absence of such proof, or of other proof, the assessor may assess the same

by estimating the fair value thereof in terms of an average value per room, taking

into account the size of the household, the general economic level of the neighborhood

in which it is located, and such other relevant factors as will assist him in arriving

at a fair, equitable and practicable valuation; but any such assessment shall be

made according to standards and practices set forth in uniform rules and regulations

promulgated by the Director of the Division of Taxation. 1

N.J.S.A. § 54:1-35.2.