When I obtain a Building Permit to improve my property (examples: siding, kitchen or bathroom renovation, construction of a family room, bedroom dormer or shed 100 square feet and over, etc.) when and how will my property assessment be increased?

After a representative from the Assessor's office inspects the property (in its entirety), the property is assessed at the current market value (as of October 1st). The Added Assessment is the amount of the difference between the old assessment and the value of the entire property at the end of the project, not the amenity itself or cost of the job. The property must be valued from scratch. The result is adjusted to the same valuation date as the date of the last town wide revaluation so that everyone has the same base year for assessment. The assessment is calculated as of October 1st and prorated for the months that it was complete. The completion date is determined by the Assessor according to "readiness for intended use" and not by the date of the final inspection. In cases where it was completed during the prior year, an omitted Added Assessment bill will also be received. All bills are sent out by the Tax Collector by October 25th and payable, in full, on November 1st. The dates for Added and Omitted Added Assessments, as well as the time frame in which the bills are mailed out and due payable, are mandated by the State of New Jersey.