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Definition. Process by which a taxation authority (such as a state or municipality tax board) tries to ensure that all taxable property under its jurisdiction is assessed for property taxes at the same percentage of its market value.This percentage is called equalization rate.efinition. Process by which a taxation authority (such as a state or municipality tax board) tries to ensure that all taxable property under its jurisdiction is assessed for property taxes at the same percentage of its market value.
1 | Page Frequently asked questions â Equalization Ratio 1. What is Equalization? Equalization is the process by which the Department of Revenue Administration makes adjustments to each municipalityâs locally assessed values to calculate the estimated 100% value of the municipality. | Page Frequently asked questions â Equalization Ratio 1. What is Equalization? Equalization is the process by which the Department of Revenue Administration makes adjustments to each municipalityâs locally assessed values to calculate the estimated 100% value of the municipality.