Director's Ratio / equalization ratio
The state-certified average ratio of assessed value to true value for a municipality.
New Jersey example
At 54.32%, a $300,000 assessment corresponds to roughly $552,283 of equalized value before other evidence is considered.
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.