54:4-2.25 - Standard of value for assessment of real property; taxable value - New Jersey Statutes

54:4-2.25.  Standard of value for assessment of real property;  taxable value    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.

     L.1960, c. 51, s. 1.