Chapter 123
New Jersey's statutory assessment-ratio framework used by county tax boards to compare an assessment with true value and the municipality's common level range.
New Jersey example
A $400,000 supported true value in Gloucester Township at a 56.95% 2026 Director's Ratio has a common-level assessment of about $227,800 before applying the certified lower and upper range.
Official source
https://www.nj.gov/treasury/taxation/pdf/lpt/chap123/2026CH123.pdf
This is a plain-English summary. Rules and dollar amounts change, so check the official source or a professional before you file or sign anything.