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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 The lower the equalization rate, the longer it has probably been since the last reassessment. 2  Equalization rate of 43 means overall property in the town is assessed at 43% of market value. 3  Overall property in the town is assessed higher than market value. The lower the equalization rate, the longer it has probably been since the last reassessment. 2  Equalization rate of 43 means overall property in the town is assessed at 43% of market value. 3  Overall property in the town is assessed higher than market value.