New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 12A - COUNTY BOARDS OF TAXATION
Subchapter 1 - GENERAL PROVISIONS
Section 18:12A-1.17 - Filing of sales ratio data
Universal Citation: NJ Admin Code 18:12A-1.17
Current through Register Vol. 56, No. 18, September 16, 2024
(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.
Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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