Form Cp - Compliance Plan Page 2
Download a blank fillable Form Cp - Compliance Plan in PDF format just by clicking the "DOWNLOAD PDF" button.
Open the file in any PDF-viewing software. Adobe Reader or any alternative for Windows or MacOS are required to access and complete fillable content.
Complete Form Cp - Compliance Plan with your personal data - all interactive fields are highlighted in places where you should type, access drop-down lists or select multiple-choice options.
Some fillable PDF-files have the option of saving the completed form that contains your own data for later use or sending it out straight away.
ADVERTISEMENT
1
2Chapter 101, P.L. 2001, Chapter 251, P.L. 2009
AN ACT concerning reassessment, and amending R.S. 54:4-23.
BE IT ENACTED by the Senate and the General Assembly of the State of New Jersey:
1. R.S. 54:4-23 is amended to read as follows:
Assessment of real property; conditions for reassessment.
54:4-23 “…and provided further however, that when the assessor has reason to believe that property comprising all or part of a
taxing district has been assessed at a value lower or higher than is consistent with the purpose of securing uniform taxable valuation of
property according to law for the purpose of taxation, or that the assessment of property comprising all or part of a taxing district is not in
substantial compliance with the law and that the interests of the public will be promoted by a reassessment of such property, the assessor
shall, after due investigation, make a reassessment of the property in the taxing district that is not in substantial compliance, provided that
(1) the assessor has first notified, in writing, the mayor, the municipal governing body, the county board of taxation, and the county tax
administrator of the basis of the assessor’s determination that a reassessment of that property in the taxing district is warranted and (2) the
assessor has submitted a copy of a compliance plan to the county board of taxation for approval. Following a reassessment of a portion of
the taxing district pursuant to an approved compliance plan, the assessor shall certify to the county board of taxation, through such
sampling as the county board of taxation deems adequate, that the reassessment is in substantial compliance with the portions of the
taxing district that were not reassessed. For the purposes of reassessment, the assessor shall compute and determine the taxable value of
such real property at the level established for the county pursuant to law.
2. This act shall take effect immediately.”
********************************************************************************************************************
GENERAL INSTRUCTIONS:
Filing of the Form
This form must be filed with the county board of taxation if you intend to make a property assessment change due to change in valuation.
This change in assessment must be documented by a study of sales in a particular part (neighborhood) of your municipality and valued
and assessed by the same standards as other property in your municipality (the Director’s Average Ratio is often used as a guide.) Attach
all other pertinent information to this plan which justifies these proposed assessment changes.
In addition to filing this compliance plan, you must also notify, in writing, the mayor and the municipal governing body of your reasons
for reassessing a part of your municipality that is not in substantial compliance with the rest of the municipality. This notification must be
made prior to reassessing the part of your municipality that is not in substantial compliance.
Submission of Form CP does not pertain to those districts with an approved reassessment application or approved revaluation contract.
Similarly, however, municipalities filing Form AFR must notify the mayor and local governing body regarding the reassessment in
advance of its implementation.
County Board of Taxation guidelines for use of Form CP are:
Any and all neighborhoods that fall outside of the common level range must be included in the compliance plan.
Ordinary neighborhoods with average weighted ratios within the common level range should not be reassessed unless that
neighborhood’s general coefficient of deviation is over 15 percent.
The same standard for selecting areas to be included in the compliance plan must be uniformly applied.
Assessment maintenance cannot be used to perform a piecemeal district-wide reassessment or revaluation.
No part of a municipality can be arbitrarily selected for adjustment pursuant to assessment maintenance.
When using a compliance plan less than 50% of the line items should be changed.
Sales Other Than Current Two-Year Sampling Period must be justified and documented. Please attach supporting documents.
REMINDER: Page 8 Formula is not applicable for Compliance Plan use. There is no recognition of valuation change
(positive or negative) in the ratio used for the equalization process.
For additional information see the NJ regulation N.J.A.C. 18:12A-1.14.
Percent of Proposed Change in Total Valuation by Neighborhood
Example:Assessed valuation of neighborhood #1
Proposed assessed valuation of neighborhood #1
prior to compliance
after compliance
$20,000,000
-
$22,000,000
=
$2,000,000
Difference
(divided by)
Assessed valuation prior to compliance
$2,000,000
$20,000,000 = 10% is the proposed change in total valuation for neighborhood #1
Response Deadline & Approvals/Denials
County board of taxation approvals or denials must be received within 45 days of receipt of application. If a Compliance Plan is denied,
the proposed action cannot be undertaken by the assessor.
Documentation of Results
Please note that after implementation of reassessment the assessor is required to certify to the county board of taxation that the
reassessment is in substantial compliance with the portions that were not reassessed. The County Board of Taxation/County Tax
Administrator has the right to request from the assessor such sampling as they deem adequate to verify uniformity of assessment, ie.,
Revaluation Comparison Report, Revaluation Impact Report, or other comparable report.
Form CP, Rev. 2010
This form is prescribed by the New Jersey Division of Taxation, as required by law, and may be reproduced for distribution, but may not be
altered without prior approval.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form A - Compliance Plan - City Of Milwaukee - Department Of Public Works Sbe Participation For Subcontractors And/or Material Suppliers
Business
Form Ra-308 - Detailed Reappraisal Compliance Plan - Property Valuation And Review (pvr) - Vermont Department Of Taxes
Financial
Form Cms-r-0235mc - Compliance Plan For Accounting For Disclosures Of Privacy Protected Data Released From A System Of Records (sor) Housed In A State-located Server
Medical
Related Categories
Parent category: Financial