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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.
Percentage of the fair market value of a property at which that property is assessed for property tax. It is computed by dividing the total assessed value of the property with its market value and multiplying the result with 100.Thus, an equalization rate of 100 means the property's assessed value is the same as its market value.ES NO 4 people found this helpful. â During the latest assessment of our home, it was found to be under the equalization rate and there is not discussion as to how to correct that and read the true market value of the home.