What is the standard assessment ratio for most properties in New Jersey?

In New Jersey, the standard assessment ratio for most properties is set at 100% of market value. This means that properties are assessed at their full fair market value as determined by the local tax assessor. This approach ensures that the property taxation system aims for equity and uniformity in assessing real properties across various municipalities. Proper assessment at market value helps to reflect the true worth of properties, making tax assessments fairer for all property owners. This adherence to the full market value assessment is pivotal in the objective of achieving stable and reliable funding for local governments and services. The other options represent different assessment practices, but the standard for New Jersey is firmly established at the 100% mark to maintain consistency and accountability in property taxation.