N.J.A.C. 18:23-5.2 - Valuation of Class Ii Property; How and When Determined

(a) On or before November 1 of the pre-tax year, the Director determines the true value, as of January 1 of such year, of all Class II property used for railroad purposes in this State.

(b) Any Class II property transferring out of railroad ownership between January 1 and October 1 of the pre-tax year, and not used for railroad purposes on October 1 is excluded.