Equalized value
Assessed value divided by the town's average ratio of assessed value to true value. It turns an assessment into an estimate of full market value, even in towns that assess below 100%.
New Jersey example
The state's 2026 Table of Equalized Valuations lists Absecon's real property at $726,249,200 assessed, with an average ratio of 58.24%. Dividing gives $1,246,993,819 of true value. Say a home in Absecon is assessed at $300,000: $300,000 divided by 0.5824 is about $515,110.
Official source
Table of Equalized Valuations 2026 (NJ Division of Taxation, published October 1, 2026)
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.