What is the primary standard that must be assessed for each property in New Jersey?

The primary standard that must be assessed for each property in New Jersey is true value. True value refers to the fair market value of a property, which is the price that it would sell for on the open market between a willing buyer and a willing seller. This concept is essential for ensuring that properties are valued equitably for tax purposes, as it reflects the property's actual worth in its current condition and location.

In the context of property assessment in New Jersey, ensuring that true value is assessed means that tax assessments are based on realistic and objective criteria, aligning assessments with actual market conditions. This helps maintain fairness in taxation and allows for accurate budget planning and resource allocation for local governments.

While assessed value is the value resulting from the assessment process used for taxation purposes, it is ultimately derived from the true value of the property. Current market value and estimated future value are relevant concepts in real estate but do not serve as the primary standard for property assessment in New Jersey's context, which specifically focuses on true value.