Assessed Value and the General Tax Rate work fine for calculating your bill, but they're an awkward way to compare one town to another, since two towns can have wildly different Assessed Values relative to actual home prices. New Jersey solves this with the Director's Ratio (also called the Equalization Ratio) — a townwide comparison of Assessed Value to Market Value.
New Jersey calculates each town's Director's Ratio itself, every year, by comparing the Assessed Value of homes that recently sold to their actual sale price, then averaging the result townwide.
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