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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.
So Just What is the Equalization Rate? Mount Kiscoâs Village Manager gives primer on the math equation that leads to wild swings in local share of county and school taxes.ince Mount Kisco is getting slammed this year, with Westchester County taxes set to increase by the upper single digits â Bedford school taxes could go up by double digits â Village Manager James Palmer at a recent Board of Trustees meeting what the equalization rate is and what it means for Mount Kisco.