N.J. Admin. Code § 18:14-3.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 18:14-3.3 - Deduction in case of added assessment

(a) Where an added assessment is levied upon a dwelling house to account for taxable improvement to real property, the owner, if entitled to claim a tax deduction and a timely application is made, may make a claim for such a tax deduction. The assessor shall allow the deduction if all of the requirements of the Act and this chapter have been satisfied, provided, however, that the claimant held legal title, as of October 1 of the pre-tax year to the property on which the improvement has been made, and the aggregate amount of the tax deduction claimed against the total taxes on the entire property does not exceed the maximum deduction allowed for the applicable tax year pursuant to the provisions of the Act.

(b) The amount allowed as a tax deduction shall be deducted from the amount of taxes extended on the added assessment after the apportionment of such assessment pursuant to the provisions of the Act. No tax deduction shall be allowed unless ownership of the dwelling house against which an added assessment has been levied vested in the claimant on October 1 of the pre-tax year.

Amended by 49 N.J.R. 277(a), effective 2/6/2017