All real property subject to assessment and taxation for local use shall be assessed according to the same standard of value, which shall be the true value of such real property and the assessment shall be expressed in terms of the taxable value of such property, which taxable value shall be that percentage of true value as shall be established by each county board of taxation as the level of taxable value to be applied uniformly throughout the county.
N.J. Stat. Ann. § 54:4-2.25
Standard of value for assessment of real property; taxable value
Known as the Uniform Transitional Utility Assessment Act
The act spans §§ 54:10A-1 to 54:8A-99 (2,083 sections).
L.1960, c. 51, s. 1.
Current official text: New Jersey Legislature. Digitized from the New Jersey Legislature bulk statutes download. Reproduced from public-domain New Jersey statutes; confirm against the official source for the current text. Not legal advice.