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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.
The ratio created by the difference between those two values is known as the ''equalization rate.'' So, for example, if the market value of a house is $400,000, and the assessed value is $300,000, the equalization rate is 75 percent. And since the equalization rate is the same for all homes in a town, local property taxes are equitably distributed. However, since equalization rates and assessment practices vary from town to town, assessed values are not a reliable indicator of ...