What criteria must be met for a PTD to be applied to an added assessment on a dwelling house?

To apply a Property Tax Deduction (PTD) to an added assessment on a dwelling house, the critical criterion is that the legal title must be held as of October 1. In New Jersey, October 1 serves as the assessment date for property tax purposes, which means that ownership as of this date is essential for assessing and determining tax responsibilities. This allows municipalities to accurately administer assessments and ensure that properties are fairly taxed based on ownership status during the relevant tax year.

When ownership is established as of October 1, it confirms that the property is assessed accurately, which ensures that the correct taxpayer receives any applicable deductions or benefits for which they qualify, such as the PTD. Therefore, the timing of legal title in relation to October 1 is crucial to align with the state’s assessment practices and regulations.