New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 15 - FARMLAND ASSESSMENT ACT
Subchapter 7 - ROLL-BACK TAXES
Section 18:15-7.3 - Amount; computation

1. The full and fair value, that is, true market value, of such land under the valuation standard applicable to other taxable land in the taxing district;

2. The amount of the land assessment for the particular tax year by multiplying such full and fair value by the common level percentage, also known as the Director's Ratio, as determined by the county board of taxation in accordance with N.J.S.A. 54:4-2.27;

3. The amount of the additional assessment on the land for the particular tax year by deducting the amount of the actual assessment on the land for that year from the amount of the land assessment determined under (a)2 above; and

4. The amount of the roll-back tax for that year by multiplying the amount of the additional assessment determined under (a)3 above by the general property tax rate of the taxing district applicable for that tax year. The general property tax rate does not include special district tax rates, only those rates for counties, school districts, and municipalities.