What is the first step in the Director's Table of Equalized Valuations?

The first step in the Director's Table of Equalized Valuations involves determining one-year weighted ratios. This process is crucial as it provides a basis for developing equalized valuations, which reflect true market values of properties within a municipality.

Weighted ratios take into account the proportionate values of sales over time and adjust them for any market fluctuations, offering a more accurate representation of property values as they relate to assessment and taxation. This helps to ensure that each municipality is assessed equitably, contributing to a fair distribution of the tax burden.

The other options, while relevant to the overall assessment process, occur at different stages or are components that come into play after the weighted ratios have been established. Calculating average values and gathering sales data are important, but they are tools used in conjunction with the weighted ratios rather than being the initial step. Reviewing last year's tax rates is a consideration for future tax planning rather than a foundational component in establishing equalized values.