By when must the Common Level Ratio be set?

The correct answer is that the Common Level Ratio must be set on or before June 30th. This deadline is significant because it allows for the timely processing of assessment data that impacts property tax calculations for the upcoming fiscal year. Setting the Common Level Ratio too late could lead to delays in tax assessments and revenue collection, which can disrupt municipal budgets and planning.

The rationale for establishing this timeline is grounded in the need for consistency and predictability in property taxation. By setting the ratio by June 30th, local governments and assessors can ensure that property owners are informed about tax implications well in advance of the new tax year.

Meeting this deadline ultimately supports transparency and ensures that property assessments are equitable and reflective of the current market values, which is vital for maintaining public trust in the assessment process.