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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.
Thus, an equalization rate of 100 means the property's assessed value is the same as its market value. An equalization rate of more/less than 100 means that the property 's assessed value is greater/less than its market value.