What is a requirement for municipalities after new taxable values are placed on the tax list?

When municipalities reassess property values and place new taxable values on the tax list, they are required to establish a new assessment ratio reflecting this new value base. This new assessment ratio is critical as it ensures that the tax burden is distributed fairly among property owners based on the updated values.

Establishing an accurate assessment ratio is also essential for compliance with New Jersey's property tax laws and for maintaining uniformity in property taxation. It helps determine how properties are taxed and ensures that the overall tax rates are applied correctly according to the new valuations, which can influence budgetary decisions and local government funding.

Thus, the requirement to establish a new assessment ratio is a fundamental process that aids municipalities in transparently and equitably managing their property taxation following reassessments.