When must the New Jersey Division of Taxation approve property tax exemptions?

In New Jersey, the property tax exemption process is designed to ensure that all exemptions are properly reviewed and approved before they affect the tax roll for that year. The requirement that the Division of Taxation approve these exemptions by the end of the tax year aligns with the need for all necessary evaluations to be completed so that property taxes can be assessed accurately.

Once an exemption is approved by the end of the tax year, it allows for the adjustments to be reflected in the subsequent tax calculations for property owners. This timeline is crucial because property assessments and exemptions directly impact revenue for municipalities and the services they provide. Therefore, having the approval completed by the year's end is vital in maintaining an efficient tax system and ensuring that taxpayers receive proper credits or exemptions in a timely manner.

The other options suggest deadlines that either do not align with the end-of-year assessment processes or would result in insufficient time for the evaluation of exemptions, potentially causing discrepancies in property tax assessments.