Ratables (ratable base)
The taxable property in a town, measured by its total assessed value. The amount a town must raise in property taxes is spread across this base, so a bigger base can mean a lower tax rate.
New Jersey example
Made-up numbers: a town must raise $15 million and its ratables total $600 million, so the rate is $2.50 per $100 of assessed value. If a new warehouse adds $20 million in ratables and the amount to raise stays $15 million, the rate falls to about $2.42.
Official source
Handbook for New Jersey Assessors (Revised July 2024)
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.