A moment-in-time-valuation recorded by the municipality to reflect the value, for tax purposes, of your property. The value is broken up into 2 pieces:
- Building Assessment (the assessed value of the structure, which could be a house or apartment).
- Land Assessment (assessed value of the land on which the building sits).
Assessed value is generally established during a citywide revaluation. Your home’s assessment value is subject to “re-assessment” – meaning a change to your assessed value – in specific instances, like when you make major renovations. The idea is that your property is being changed enough that it warrants a new assessed, or tax, value. You can look up the assessed value of your home at the NJ Assessments Records database.