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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.
A unit rate is a rate with 1 in the denominator. If a rate is given and the quantity in the denominator is not 1, unit rate is calculated by finding an equal ratio such that the denominator is 1. Stated differently, complete the division operation of the fraction or ratio.