MEMBERS OF THE STATE BOARD OF TAXES AND ASSESSMENT FRANK B. JESS, President, HARRY W. MUTCHLER, JAMES BAKER, ISAAC BARBER. FRANK D. SCHROTH, Secretary, FRANK A. O'CONNOR, Clerk and Field Secretary, SOMERVILLE, N. J. THE UNIONIST-GAZETTE ASSOCIATION, 1921 LIBRARIES 266892 MARCH 1930 REPORT STATE OF NEW JERSEY, OF TAXES AND ASSESSMENT, To the Legislature of the State of New Jersey: The State Board of Taxes and Assessment herewith submits its Sixth Annual Report: RATABLES. The assessed valuation of real and personal property subject to local taxation for the year 1921 in the taxing districts of the State, exclusive of bank and trust company stock, which is separately taxed, amounts to $3,519,841,268.75, an increase of $264,876,999.77 over the ratables of 1920. This is a marked advance in the State's ratables. The increase between 1919 and 1920, which was $222,800,164.80, was itself the largest increase since 1907. Nearly half of the increase for 1921 comes from the counties of Hudson and Essex alone. The following tabulation shows the valuations for 1920 and 1921, with the increase or decrease in each county: The largest increase is in Hudson County, amounting to $66,634,323. The County Board reports that this increase is due in a great measure to re-assessments made throughout the county, and particularly on shore-front properties. The State Board increased second class railroad property about $14,000,000 and the assessors made a corresponding advance on adjacent properties locally assessed, usually increasing the land value by a percentage equivalent to the percentage of increase on the similarly situated railroad property. These re-assessments by the State Board and by the local assessors working under the direction of the County Board account for more than half of the total increase in the county. The balance is largely through general re-assessments made in several taxing districts, a general overhauling of the assessment rolls resulting in substantial increases. Nearly $15,000,000 of the increase is on personal property. Essex County shows an increase of $61,444,616, of which $36,000,ooo is on real estate and $25,000,000 on personal property. The County Board reports that the real estate increase should be attributed principally to the consideration given by the assessors to rents in arriving at their valuations, instructions to do this having been given by the County Board. This resulted in the addition of millions to the values of the previous year. It may be added that this was done under the provisions of Chapter 356 of the Laws of 1920, which provided that the assessor, in determining the value of real estate, should ascertain the amount paid by the owner of the parcel and the amount of rents, if any, received for the preceding year, and should give these due and full consideration as two of the elements entering into and comprising such value. This provision, however, was repealed by Chapter 324 of the Laws of 1921, and the only criterion of value definitely specified in the tax law remains as before, namely, what the property would sell for at a fair and bona fide sale by private contract on the first day of October. In this connection it might be stated, however, that the Board has always held, even previous to the enactment of this legislative direction, that the question of rents might properly be considered in establishing true value. Another reason for the increase in Essex County is a jump of $7,600,000 in the assessment against the Prudential Insurance Company in Newark and still another is the improved system of assessing automobiles, the City of Newark having adopted, as a means of determining automobile values, the National Used Car Market Report, a quarterly publication used largely by automobile dealers and giving second-hand sales values of cars. From this source alone an increase of $5,000,000 was realized. Re-assessments by the County Board of the Boroughs of West Caldwell and Essex Fells resulted in a total increase of practically $2,000,000, and there was an increase of over $6,000,000 in the City of East Orange. One reason for this large increase in East Orange, in addition to the consideration of rentals, is that this City has been selected by builders of large apartment houses as the most desirable place in the county in which to locate. Many large apartments were built there last year, which constituted an important addition in a year when so little construction work was undertaken. Union County reports an increase of $35,400,121.32, of which over $30,800,000 is on real estate and over $4,700,000 on personal property. The largest increase comes from Linden Township and amounts to $11,789,946. The ratables of Elizabeth have advanced $10,135,943 and those of Plainfield $4,482,745, and smaller increases are shown by the other taxing districts throughout the county. Passaic County follows with an advance of $20,347,637 over the ratables of 1920. This is due to normal increase, and also to new construction of factory and residential property. Real estate values account for over $15,500,000 of this increase, and personalty has advanced nearly $5,000,000. Atlantic County's increase of $16,031,612 arises chiefly in Atlantic City, where nearly $14,000,000 has been added to the ratables. The total increase is almost wholly on real estate, personal property accounting for about $1,500,000 of the entire amount. Bergen County, with an increase of $15,897,110, reports that approximately two-fifths of the increase is due to normal growth and the remainder to the fact that the County Board revised the assessments on buildings and personalty in a number of districts throughout the county. Of the total increase, $12,786,499 is on real estate. The advance of $11,380,206 in Camden County is reported by the |