- Home
- Departments
- Finance
- Real Property Tax Services
- Equalization Rates
Equalization Rates
Simple Definition
An equalization rate represents the average level of assessment in a community.
Complex Definition
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.
Uses
- 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.