Equalization is a step in
property tax
A property tax (whose rate is expressed as a percentage or per mille, also called ''millage'') is an ad valorem tax on the value of a property.In the OECD classification scheme, tax on property includes "taxes on immovable property or Wealth t ...
ation to bring a uniformity to
tax assessment
Tax assessment, or assessment, is the job of determining the value, and sometimes determining the use, of property, usually to calculate a property tax. This is usually done by an office called the assessor or tax assessor.
Governments need to ...
levels across different geographical areas or classes of properties. Equalization is usually in the form of a uniform percentage of increase or decrease to each area or class of property.
Attempts at explicit equalization in tax assessments date back at least as early as 1799.
See also
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Fair market value
The fair market value of property is the price at which it would change hands between a willing and informed buyer and seller. The term is used throughout the Internal Revenue Code, as well as in bankruptcy laws, in many state laws, and by several ...
References
Evaluation methods
Equalization
Tax law
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