54:4-2.47 - Taxable value of tangible personal property; computation - New Jersey Statutes

54:4-2.47.  Taxable value of tangible personal property;  computation    (a) The taxable value of tangible personal property used in business subject  to taxation in each taxing district shall be at that percentage of true value  as shall correspond to the average ratio of assessed to true value of real  property promulgated by the Director of the Division of Taxation on October 1  of the pretax year, pursuant to P.L.1954, c. 86, for State school aid purposes,  as the same may have been modified by the tax court;  provided, nevertheless,  that such average ratio shall not exceed the percentage level, in effect in the  tax year, for expressing the taxable value of real property in the county.  In  the year in which a taxing district shall have completed and put into operation  a district-wide adjustment of real property taxable valuations to conform to  the percentage level established for expressing the taxable value of real  property in the county, and if a statement to such effect has been included by  the assessor in the affidavit prescribed by R.S. 54:4-36, the average ratio  shall be presumed, subject to rebuttal, to be the same level as is established  for the taxable value of real property in the county.

    (b) The taxable value determined pursuant to subsection (a) of this section  shall be taxed at the general real property tax rate of the taxing district  wherein such property is found, for the use of such taxing district, in the  manner provided by law.  The person assessed for personal property shall be  personally liable for the taxes thereon.

     L.1966, c. 138, s. 5.  Amended by L.1983, c. 36, s. 16, eff. Jan. 26, 1983.