What must each County Board of Taxation establish on or before April 1?

Each County Board of Taxation is required to establish the percentage of true value for property assessment on or before April 1. This percentage reflects the level of assessment in comparison to the true market value of properties within the jurisdiction. It is crucial because it ensures uniformity and fairness in property taxation, allowing for equitable distribution of tax burdens among property owners.

Establishing this percentage provides a guideline for assessors when evaluating properties to ensure that assessments are consistent across the board. This process plays a key role in maintaining transparency in the taxing process and helps property owners understand how their assessments are determined in relation to market values.

The other options pertain to important aspects of taxation but are not specifically required to be established by the County Board of Taxation by April 1. The taxable value of each property, total exemptions, and market values of commercial properties may be determined and reported but are not the primary focus of April 1's deadline. Instead, the emphasis is on maintaining the accuracy and fairness of property assessment through the established percentage of true value.