Who establishes the standards for valuation in the revaluation process?

The correct answer is established based on the specific roles assigned within New Jersey's property tax system. The standards for valuation in the revaluation process are determined by state legislation and regulatory bodies, primarily focusing on ensuring that property assessments are conducted equitably and in accordance with fair market values.

The director of the Division of Taxation within the New Jersey Department of the Treasury provides guidance and oversight on the revaluation process. This includes establishing methodologies for valuation that assessors must follow to maintain consistency and fairness in property assessments across different municipalities.

The other roles mentioned, such as the county executive, mayor, or municipal assessor, while significant in their respective capacities, do not have the authority to set these valuation standards at a state level. Their functions may vary from managing local government operations to implementing state-defined policies but do not extend to the establishment of valuation standards for property assessments.