An equalization rate represents the average level of assessment in a community.
An equalization rate represents the average percentage of total assessed value of taxable real property to total actual value of the property (as determined by the State survey) in a city, town or village.
An equalization rate of 20.00 means that, on average, the property in a community is being assessed at 20% of its actual value. The words "on average" are bolded to emphasize that an equalization rate of 20% does not mean that each property in the community is assessed at 20% of its actual value.
- Distribution of several forms of state aid, such as aid to education and revenue sharing.
- Apportion school and county taxes among the various municipalities that must share in the support of these local government units.
- Calculate tax and debt limits placed on municipalities.