N.J. Admin. Code § 18:12A-1.17

Current through Register Vol. 56, No. 9, May 6, 2024

Section 18:12A-1.17 - Filing of sales ratio data

(a) The sales ratio data is required by the Director of the Division of Taxation to fulfill certain statutory responsibilities. The following time schedule concerning the filing of sales ratio data shall be followed.

1. Flow of Form SR-1A:

i. Within 10 days after receipt of an abstract of deed, the board shall prepare Form SR-1A and forward same to the tax assessor of the taxing district within which the property sold is located;

ii. The tax assessor shall complete section 2 of the Form SR-1A and return the original and two copies or an electronic copy to the board within three weeks after the receipt of said form;

iii. Upon receipt of the Form SR-1A from the tax assessor, the board shall forward the Form SR-1A to Property Administration, Local Property, Division of Taxation within one week.

2. Flow of Form SR-6: Each tax assessor within the county shall examine the preliminary grantor listings which summarized the Form SR-1A information previously submitted. A tax assessor shall forthwith file an informal petition of correction (Form SR-6) with Property Administration, Local Property, Division of Taxation if he or she obtains additional information concerning whether the sale is usable or non-usable for sale ratio purposes.

i. When a staff member of the Property Administration, Local Property, Division of Taxation changes the usability of any sale, Form SR-6 must be filed and the assessor will be notified of such change in usability by way of the monthly SR-6 report and grantor list. The assessor must review the changes in usability made by the Property Administration, Local Property, Division of Taxation.

3. Flow of Form SR-3A: Each tax assessor shall submit to the board the real property classification form (Form SR-3A) in accordance with N.J.S.A. 54:4-26 not later than January 10 of the tax year.

4. Each board shall submit said forms to Property Administration, Local Property, Division of Taxation, not later than April 15 of the tax year.

N.J. Admin. Code § 18:12A-1.17

Amended by 49 N.J.R. 271(a), effective 2/6/2017