Who is responsible for setting the Common Level Ratio (CLR)?

The responsibility for setting the Common Level Ratio (CLR) lies with the State Tax Equalization Board. This board plays a crucial role in ensuring fair and equitable taxation across various jurisdictions within the state. The CLR is a measure used to compare the assessed value of properties in a specific county with their market value, and it is essential in determining how property taxes are assessed and collected.

By establishing the CLR, the State Tax Equalization Board helps to maintain uniformity in property tax assessments, allowing for a consistent approach to taxation that reflects current market conditions. This is particularly important as it directly affects local taxing authorities and how they assess property taxes, ensuring that no jurisdiction is unduly advantaged or disadvantaged.

The other options, while relevant to the context of taxation, do not hold the authority to set the CLR. The Department of Revenue oversees tax collection and compliance but does not determine the CLR. The Appraisal Standards Board provides guidance on appraisal practices but does not set ratios. Local Tax Authorities are responsible for property assessments within their jurisdiction, but their rates and assessments are based on the CLR established by the State Tax Equalization Board.