Initial setup for a house game
There is no official color scheme for chip values, and it varies from venue to venue and by country or governing body if any (Nevada does not regulate chip colors). New Jersey does have a Gaming Control board that does regulate the chip colors. (I couldn't find an official link). These colors match up with many of the standard colors you find in home sets. This site lists the same NJ chip colors, and has some recommendations for chip distributions based upon the number of players, the gametype, and the small blind. They recommend you use whichever colors you prefer.

$1 - white
$5 – red
$10 – blue
$25 – green
$100 – black