In New Jersey, each municipality is assigned a Ratio. It's a percentage that is used in conjunction with your assessment to express the market value of your home.
Let's say your house is assessed at $400,000 and the town's "Average Ratio" is 50%. If so, your town is basically saying that your house is worth $800,000. In other words, the Ratio is a kind of handicapping tool. To know what the assessor in your town thinks your house is worth, you must know your assessment and your town's Ratio. Then you can compare your house to other, similar homes that have recently sold and determine if you're being over-assessed (thus, over-taxed).
At DePaul Law Firm, we can do that for you. If you think you may be over-taxed (again, to be more accurate, over-assessed), please call us at (973) 376-8585 and we'll help you decide if you should file a property tax appeal.