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.

Use equalization in a sentence

The equalization process was long and arduous and we were worried that things might not work out like we hoped for.

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You should always do your best to make sure that there is equalization at your work place so that you keep a good reputation.

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Our assessor spent the last decade auditing the equalization rate to make sure it was fair for everyone; no wonder he got voted out last November.

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