54:4-63.28 - Time when exemption ceased as affecting time of assessment - New Jersey Statutes

54:4-63.28.  Time when exemption ceased as affecting time of assessment
    All such property shall be assessed and taxed as follows:

    If the right to exemption ceased in any tax year, the property shall be assessed and taxed as of the first day of the month following the date when the  right to exemption ceased, for the proportionate part of the said year then  remaining.  The amount of tax shall be determined by multiplying the amount  which the tax would be if such tax were for the entire year by the number of  whole months remaining in the calendar year after the date when the right to  exemption ceased and dividing the result by 12.

     L.1949, c. 144, p. 525, s. 3.  Amended by L.1974, c. 103, s. 2, eff. Oct. 1, 1974.