Overview of NJ Property Tax MOD IV

An Overview of the New Jersey Property Tax System MOD-IV

The Entire: Mod IV User Guide

MOD-IV is the mechanism to maintain and update all assessment records (MOD-IV Master File) and produce all statutorily required Tax Lists. The Tax List is filed with the County Board of Taxation on or before January 10th of each year. This list displays all parcels of real property as delineated and identified on the municipality's official Tax Map, as well as taxable values and descriptive data for each parcel. MOD-IV produces the following components to be filed with the Tax List, Tax Collector’s Duplicate, and Assessor’s Field Book:

• ◊  New Jersey Property Tax System Legend: Defines qualification codes, building description codes, property class codes, limited exemption codes, deduction codes, special tax districts codes and exempt property identification codes used on the Tax List.
  
• ◊  Alphabetical Index by Owner: Indicates on which page the item appears, along with block and lot number, account number, deed book and page number, property class and property location. An Alphabetical Index of this type is also produced for the Railroad Real Property Tax List, the Public Utilities Personal Property Tax List and the Exempt Property List.
  
• ◊  Alphabetical Index by Street Name for Property Location: Displays similar information as described above. This index is produced for the Real Property Tax List, the Railroad Real Property Tax List, the Public Utilities Personal Property Tax List and the Exempt Property Tax List.
  
• ◊  Real Property Tax List: Displays all taxable and exempt real property with assessed values. The values of exempt properties are not included in the totals at the bottom of each page as the word “exempt” appears in the net value field.
  
• ◊  Railroad Real Property Tax List: Displays Classes 5A and 5B railroad properties. These properties are assessed by the State of New Jersey and are for informational purposes only.
  
• ◊  Public Utility Personal Property Tax List (Telephone & Pipelines): Displays Classes 6A and 6B properties.
  
• ◊  Exempt Property Tax List: Displays Classes 15A, 15B, 15C, 15D, 15E and 15F.
  
• ◊  Page Totals Report: For each portion of the list are as follows:
  
  1. a)  Tax List Page Totals Report
     
  2. b)  Railroad Real Property Tax List Page Totals Report
     
  3. c)  Public Utility Personal Property Page Totals Report
     
  4. d)  Exempt Property List Page Totals Report
     

8

◊ District Summary Report SR-3A: Displays a value summary by property class, the total number and dollar amount of deductions and limited exemptions.
◊ Table of Aggregates: Displays a summary report of assessment and budget information certified by the local assessor and County Board of Taxation. The report breaks out the following information:

1. a)  Total assessment of taxable land and improvements excluding 2nd class railroad property
   
2. b)  Limited exemptions and abatements by amount and statute
   
3. c)  Number and type of deductions allowed
   
4. d)  Total assessment of exempt property
   
5. e)  Apportionment of taxes, budget information and tax rates
   
6. f)  Assessment breakdown of taxable property by class
   

After the tax rate is struck, an Extended Tax Duplicate is produced complete with indices, page total reports and summaries similar to those accompanying the Tax List. The Extended Tax Duplicate for towns operating on a calendar year budget displays the billed first half taxes and second half taxes broken down into quarterly payments.
For municipalities operating on a fiscal year budget, an audit trail is produced for 1st and 2nd quarter bills. The taxes are calculated using a billing percentage for non-municipal and municipal revenue required. An Extended Tax Duplicate is produced for 3rd and 4th quarter bills based on the tax rate.
The owner name, address, billing code and account number can be updated after the Tax List is produced so the most current ownership and billing information is reflected on the Extended Tax Duplicate.
On or before October 1st, of the tax year, MOD-IV will produce the following lists:

• ◊  Current Year Added Assessment List: Displays all new construction, added improvements to existing structures and any exempt properties that have become taxable between January 1st and September 30th of the current tax year.
  
• ◊  Prior Year Added Assessment List: Displays any new construction, added improvements to existing structures and any exempt properties that have become taxable between October 1st and December 31st of the pre-tax year. The list accommodates one or two months of prior year added assessments.
  
• ◊  Omitted-Added Assessment List: Displays any added assessments in the prior year that were completed before October 1st and not included on that year's Added Assessment List. The list accommodates three to twelve months of prior year omitted-added assessments.
  
• ◊  Current Year Omitted Assessment List (Current Year): Displays any parcels omitted from the current year Tax List.
  

9

• ◊  Prior Year Omitted Assessment List (One-Year Prior): Displays parcels omitted from the prior year Tax List.
  
• ◊  Roll-Back Assessment List: Displays Roll-Back taxes on Class 3B farmland that is no longer eligible for the farmland assessment. Lists may be produced for:
  
  • Current Year
    
  • One Year Prior
    
  • Two Year Prior
    
  • Three Years Prior - This is to be used only when a change of use has occurred
    between October 1st and December 31st of the pre-tax year and the farmland application has not been denied by the assessor or County Board of Taxation. An added assessment will be applied to the current tax year and Roll-Back taxes can go back three years prior.
    Note: Roll-Back assessment lists present the information from a Roll-Back memorandum of judgment issued subsequent to a Roll-Back hearing.
    In addition the system produces the following:
    

• ◊  Extended Tax Duplicate: Displays the reconciled extension of the assessment multiplied by the tax rate for tax dollars due for municipalities operating under either a fiscal or a calendar budget.
  
• ◊  Tenant Rebate Notice: Acknowledgement for rebate of taxes for certain qualified rental properties of five (5) or more residential units.
  
• ◊  Audit Trail for Fiscal Billing Quarters 1 and 2: Displays estimated billing for fiscal municipalities with tax dollars calculated on a percentage of municipal and non- municipal revenue amounts needed to operate for the two tax quarters.
  
• ◊  Audit Trail for Estimated 3rd Quarter Billing: Displays estimated 3rd quarter billing only when a tax rate is not available.
  
• ◊  Tax Bills:
  
  • Regular Calendar bill is created for an annual tax amount reconciled with the estimated billing for quarters one and two. Bill displays the annual tax amount reconciled for quarters three and four of the current year and estimated amount for quarters one and two for the subsequent years.
    
  • Fiscal Bills are created at minimum twice a year. Fiscal quarters three and four are based on a tax rate extended less previous amount billed. Fiscal quarters 1 and 2 are based on a percentage of municipal and non-municipal amounts of revenue needed to finance the two tax quarters.
    
  • In compliance with the law, a single quarter estimated bill may be produced. 10
    

• Added and Omitted Assessment Bills are produced based on the specific list types created and generated.
• School Tax Overage billing. School budget billing that occurs after the November election following taxpayer voting approval.

• ◊  Assessment Notice: Created from the Tax List file for every taxable property in the municipality to notify each owner of the current and prior year assessments, property class, prior year taxes billed, and appeal information.
  
• ◊  Proof Book: A copy of the body of the ratable portion of the tax list, including the date of the last update for each item.
  
• ◊  Limited Exemption Audit Trails: Produced for limited exemption/abatements of 1- 5 years and designated by codes G, I, J, K, L, N, O and U.
  
• ◊  Chapter 441 and UEZ Exempt Property Listing: Produced from the Exempt Property List Codes 24-16-994 and 24-17-994.
  
• ◊  Over Billed Report: Produced when quarters one and two exceed total levy calculated for quarters three and four.
  
• ◊  Tax Billing Audit Trail: Total of all four quarters billed and subsequent year bill.
  
• ◊  Property Identification Cross-Reference Report: This report is generated when property identifications within an entire municipality are changed. It displays the current and prior block, lot, and qualification code, property location, property class, and tax map page. Two formats; one sorted by prior to current and the other sorted by current to prior are produced.
  
• ◊  Acreage Calculation Report: Displays the calculated information in Field (09), land dimension, into acres or part of an acre. This acreage calculation will be retained in the "Calculated Acreage Field" and will print on the Tax List. Manual entries cannot be made to this field.
  MOD-IV is also capable of producing the County Equalization Table and County Abstract of Ratables. 
  
  Mod IV User Guide