What is the latest date a municipality can set the assessments for the coming tax year?

The latest date a municipality can set the assessments for the coming tax year is October 1st. This date is significant because it marks the deadline for municipalities in New Jersey to finalize property assessments for the following tax year. Assessments determined by this date will be used to establish the tax rate and calculate individual property tax bills.

Setting assessments by October 1st ensures that all properties are evaluated and any changes to property values, such as new construction, renovations, or market influences, are accounted for in the upcoming tax year. This timeframe is critical for maintaining accurate and fair property taxes across the municipality, and it allows the local government to prepare the necessary billing and financial projections.

The other options present earlier dates that do not align with the legal requirements set forth for tax assessment in New Jersey. Thus, establishing assessments by October 1st is an essential part of the tax process, preparing municipalities and property owners for the fiscal year ahead.