54:1-35a - Definitions
54:1-35a.Ā Definitions
a.Ā TheĀ "average ratio"Ā of assessed to true value of real property for a taxing district for the purposes of this act shall mean that ratio promulgated by the Director of the Division of Taxation pursuant to P.L.1954, c. 86 (C. 54:1-35.1 et seq.), as of October 1 of the year preceding the tax year, as revised by the tax court.
b.Ā TheĀ "common level range"Ā for a taxing district is that range which isĀ plus or minus 15% of the average ratio for that district.
L.1973, c. 123, s. 1, eff. May 9, 1973.Ā Amended by L.1979, c. 51, s. 1, eff.Ā March 21, 1979;Ā L.1983, c. 36, s. 10, eff. Jan. 26, 1983.
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a.Ā TheĀ "average ratio"Ā of assessed to true value of real property for a taxing district for the purposes of this act shall mean that ratio promulgated by the Director of the Division of Taxation pursuant to P.L.1954, c. 86 (C. 54:1-35.1 et seq.), as of October 1 of the year preceding the tax year, as revised by the tax court.
b.Ā TheĀ "common level range"Ā for a taxing district is that range which isĀ plus or minus 15% of the average ratio for that district.
L.1973, c. 123, s. 1, eff. May 9, 1973.Ā Amended by L.1979, c. 51, s. 1, eff.Ā March 21, 1979;Ā L.1983, c. 36, s. 10, eff. Jan. 26, 1983.
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