(1) The phrase "assessed value" means either the assessed value for the purpose of a levy imposed by a local governmental entity or the assessed value for the purpose of a levy imposed by a school district as best determined in the particular context by the property tax administrator.
(2) The phrase "valuation for assessment" means either the valuation for assessment for the purpose of a levy imposed by a local governmental entity or the valuation for assessment for the purpose of a levy imposed by a school district as best determined in the particular context by the property tax administrator.
Source: L. 2024, 2nd Ex. Sess.: Entire section added, (HB 24B-1001), ch. 1, p. 1, § 2, effective October 1 (see editor's note).