What term represents the true value of all taxable property in the municipality?

The term that represents the true value of all taxable property in the municipality is "Equalized Valuation." This term reflects the market value of all properties, adjusted to account for differences in assessment practices among municipalities, ensuring uniformity and fairness in property taxation. Equalized valuation is crucial for establishing a common basis for tax rates and contributes to the overall understanding of a municipality's taxable assets.

While assessed value refers to the value assigned to a property by local assessors and may not always reflect current market conditions, equalized valuation provides a more accurate and comparable measure across different jurisdictions. Market value is the price a property would likely fetch in an open market, but it doesn’t always directly correlate to assessed values used for tax purposes. Catalogued value is not a standard term in municipal finance and does not represent the general accepted valuation for taxation. Thus, "Equalized Valuation" is the correct choice as it accurately encompasses the concept of true value in taxation contexts.