NJ TAX ASSESSORS CERTIFICATION PAPER
2026 FULL SOLUTION GRADED A+
● To find effective tax rate multiply the tax rate by ____? Answer:
Assessment level
● The six basic rights associated with property are ______? Answer:
Sell, lease/rent, use, give away, enter or leave, refusal to do any of the
above
● What are the three major classifications of property? Answer: Real
property, personal property, intangible personal property
● List the appraisal principles which form the foundation for highest and
best use analysis. Answer: Anticipation, balance, change, competition,
conformity, consistent use, contribution, increasing and decreasing
returns, substitution, supply and demand, surplus productivity
● What are the four forces that influence value? Answer: Physical,
economic, governmental, social
● Highest and best use is always the that use that would produce the
______ ____ of a property, regardless of its actual current use. Answer:
Highest value
,● The four tests for highest and best use are _____ Answer: Legally
allowable, physically allowable, financially feasible, maximally
productive
● List the 7 major steps of the appraisal process. Answer: 1. Definition
of the problem,
2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to derive final estimate
of defined value
● What are the three approaches to value used by appraisers to estimate
value? Answer: Cost, sales comparison, and income
● The land identification system based on semi-permanent physical
features or bearings on a compass is known as ____ and ____. Answer:
Metes and bounds
● Residential subdivisions are commonly described by the ____ and
____ system of land identification. Answer: Block and lot
, ● Name the 8 characteristics that affect land value. Answer: Frontage,
width, depth, area, shape, topography, location, and off-site
improvements
● What is the 40-30-20-10 rule? Answer: This rule describes the
percentage of the value of each quarter of land based on its depth. The
first 25% of the land amounts to 40% of the assessed value, the next
25% represents 30% of the value, the next 25% represents 20%, and the
final 25% represents 10%.
● Cost to produce an exact replica of a structure using the same
materials, construction standards, and quality of workmanship is known
as ________ ____ ___ Answer: Reproduction cost new
● Cost to produce a structure with equivalent utility using contemporary
materials and standards is known as _________ ____ ___ Answer:
Replacement cost new
● Cost of a property when it was originally constructed is known as
__________ cost Answer: Historical
● The age of a property based on condition and utility is know as the
______ ___. Answer: Effective age (EA)
2026 FULL SOLUTION GRADED A+
● To find effective tax rate multiply the tax rate by ____? Answer:
Assessment level
● The six basic rights associated with property are ______? Answer:
Sell, lease/rent, use, give away, enter or leave, refusal to do any of the
above
● What are the three major classifications of property? Answer: Real
property, personal property, intangible personal property
● List the appraisal principles which form the foundation for highest and
best use analysis. Answer: Anticipation, balance, change, competition,
conformity, consistent use, contribution, increasing and decreasing
returns, substitution, supply and demand, surplus productivity
● What are the four forces that influence value? Answer: Physical,
economic, governmental, social
● Highest and best use is always the that use that would produce the
______ ____ of a property, regardless of its actual current use. Answer:
Highest value
,● The four tests for highest and best use are _____ Answer: Legally
allowable, physically allowable, financially feasible, maximally
productive
● List the 7 major steps of the appraisal process. Answer: 1. Definition
of the problem,
2. Determination of the scope of the appraisal
3. Preliminary survey and analysis
4. Data collection and analysis
5. Highest and best use analysis
6. Application of the three approaches to value
7. Correlation/reconciliations of indicated values to derive final estimate
of defined value
● What are the three approaches to value used by appraisers to estimate
value? Answer: Cost, sales comparison, and income
● The land identification system based on semi-permanent physical
features or bearings on a compass is known as ____ and ____. Answer:
Metes and bounds
● Residential subdivisions are commonly described by the ____ and
____ system of land identification. Answer: Block and lot
, ● Name the 8 characteristics that affect land value. Answer: Frontage,
width, depth, area, shape, topography, location, and off-site
improvements
● What is the 40-30-20-10 rule? Answer: This rule describes the
percentage of the value of each quarter of land based on its depth. The
first 25% of the land amounts to 40% of the assessed value, the next
25% represents 30% of the value, the next 25% represents 20%, and the
final 25% represents 10%.
● Cost to produce an exact replica of a structure using the same
materials, construction standards, and quality of workmanship is known
as ________ ____ ___ Answer: Reproduction cost new
● Cost to produce a structure with equivalent utility using contemporary
materials and standards is known as _________ ____ ___ Answer:
Replacement cost new
● Cost of a property when it was originally constructed is known as
__________ cost Answer: Historical
● The age of a property based on condition and utility is know as the
______ ___. Answer: Effective age (EA)
