equalization rate


Percentage of the fair market value of a property at which that property is assessed for property tax. It is computed by dividing the total assessed value of the property with its market value and multiplying the result with 100. Thus, an equalization rate of 100 means the property's assessed value is the same as its market value. An equalization rate of more/less than 100 means that the property 's assessed value is greater/less than its market value. Equalization rate is often calculated when an authority is attempting to maintain equalization.
also called equalization ratio.

Use equalization rate in a sentence

I wondered what the equalization rate was and I knew it had to do with percentage and everything like that.

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Sandy knew that the equalization rate that was being applied to her home would mean that her property taxes would be higher than expected.

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During the latest assessment of our home, it was found to be under the equalization rate and there is not discussion as to how to correct that and read the true market value of the home.

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