54:4-2.25.Ā  Standard of value for assessment of real property;Ā  taxable value All real property subject to assessment and taxation for local use shall beĀ  assessed according to the same standard of value, which shall be the true valueĀ  of such real property and the assessment shall be expressed in terms of theĀ  taxable value of such property, which taxable value shall be that percentage ofĀ  true value as shall be established by each county board of taxation as theĀ  level of taxable value to be applied uniformly throughout the county.

L.1960, c. 51, s. 1.
Ā