What does "equalization" mean in property assessment?

Equalization in property assessment refers to the process of ensuring that property assessments are uniform and consistent across different municipalities within a given jurisdiction. This process is essential for creating fairness in the tax system, as it helps to eliminate discrepancies that can arise from local assessment practices. When municipalities assess properties, variances can occur based on different methodologies, market conditions, or even assessor experience. Equalization aims to level these differences so that property owners are treated equitably irrespective of where their property is located.

This uniformity in assessments contributes to a fair tax system, where taxes are based on accurate and consistent valuations. Ensuring that similar properties in different areas are assessed at comparable values is crucial for maintaining public trust in the assessment process and the overall fairness of the tax burden.