NJ Tax Assessors Exam - Terms and
Concepts. EXAM 2025 QUESTIONS AND
ANSWERS
What are the three basic requirements of the assessor? - ANS Discovery, listing, and
valuation
To find effective tax rate multiply the tax rate by ____? - ANS Assessment level
The six basic rights associated with property are ______? - ANS Sell, lease/rent, use, give
away, enter or leave, refusal to do any of the above
What are the three major classifications of property? - ANS Real property, personal property,
intangible personal property
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, List the appraisal principles which form the foundation for highest and best use analysis. -
ANS 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? - ANS 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. - ANS Highest value
The four tests for highest and best use are _____ - ANS Legally allowable, physically
allowable, financially feasible, maximally productive
List the 7 major steps of the appraisal process. - ANS 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
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, 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? - ANS Cost,
sales comparison, and income
The land identification system based on semi-permanent physical features or bearings on a
compass is known as ____ and ____. - ANS Metes and bounds
Residential subdivisions are commonly described by the ____ and ____ system of land
identification. - ANS Block and lot
Name the 8 characteristics that affect land value. - ANS Frontage, width, depth, area, shape,
topography, location, and off-site improvements
What is the 40-30-20-10 rule? - ANS 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
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25% represents 10%.
@COPYRIGHT BRAINBARTER 2025/2026
, Cost to produce an exact replica of a structure using the same materials, construction
standards, and quality of workmanship is known as ________ ____ ___ - ANS Reproduction
cost new
Cost to produce a structure with equivalent utility using contemporary materials and standards
is known as _________ ____ ___ - ANS Replacement cost new
Cost of a property when it was originally constructed is known as __________ cost -
ANS Historical
The age of a property based on condition and utility is know as the ______ ___. -
ANS Effective age (EA)
Compare and contrast remaining economic life (REL) and economic life (TEL). - ANS REL
estimates the number of years remaining during which improvements contribute to property.
TEL is the total number of years that improvements on land contribute to property value.
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Page
@COPYRIGHT BRAINBARTER 2025/2026
Concepts. EXAM 2025 QUESTIONS AND
ANSWERS
What are the three basic requirements of the assessor? - ANS Discovery, listing, and
valuation
To find effective tax rate multiply the tax rate by ____? - ANS Assessment level
The six basic rights associated with property are ______? - ANS Sell, lease/rent, use, give
away, enter or leave, refusal to do any of the above
What are the three major classifications of property? - ANS Real property, personal property,
intangible personal property
1
Page
@COPYRIGHT BRAINBARTER 2025/2026
, List the appraisal principles which form the foundation for highest and best use analysis. -
ANS 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? - ANS 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. - ANS Highest value
The four tests for highest and best use are _____ - ANS Legally allowable, physically
allowable, financially feasible, maximally productive
List the 7 major steps of the appraisal process. - ANS 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
2
Page
@COPYRIGHT BRAINBARTER 2025/2026
, 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? - ANS Cost,
sales comparison, and income
The land identification system based on semi-permanent physical features or bearings on a
compass is known as ____ and ____. - ANS Metes and bounds
Residential subdivisions are commonly described by the ____ and ____ system of land
identification. - ANS Block and lot
Name the 8 characteristics that affect land value. - ANS Frontage, width, depth, area, shape,
topography, location, and off-site improvements
What is the 40-30-20-10 rule? - ANS 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
3
Page
25% represents 10%.
@COPYRIGHT BRAINBARTER 2025/2026
, Cost to produce an exact replica of a structure using the same materials, construction
standards, and quality of workmanship is known as ________ ____ ___ - ANS Reproduction
cost new
Cost to produce a structure with equivalent utility using contemporary materials and standards
is known as _________ ____ ___ - ANS Replacement cost new
Cost of a property when it was originally constructed is known as __________ cost -
ANS Historical
The age of a property based on condition and utility is know as the ______ ___. -
ANS Effective age (EA)
Compare and contrast remaining economic life (REL) and economic life (TEL). - ANS REL
estimates the number of years remaining during which improvements contribute to property.
TEL is the total number of years that improvements on land contribute to property value.
4
Page
@COPYRIGHT BRAINBARTER 2025/2026
