New Jersey property-tax definition
True value vs. assessed value
True value is market-value concept; assessed value is the taxable value carried on the municipal assessment roll.
Worked New Jersey example
A $300,000 assessment in a municipality assessed near 54% of true value should not be read as a $300,000 market-value opinion.
Why it matters
Watchdog keeps the definition beside the property data so users can distinguish an observed public record from an interpretation or derived screening signal.
Official source
For homeowners
Use the term to understand what a tax or assessment record is actually saying before assuming it represents market value or a future bill.
For professionals
Keep the source and observation date with the number, verify the authoritative record, and document any calculation or professional conclusion separately.