Why is equalization necessary?
Equalization is necessary in New York State because (1) there is no fixed percentage at which property must be assessed; (2) not all municipalities assess property at the same percentage of market value; and (3) taxing jurisdictions, such as most school districts, do not share the same taxing boundaries as the cities and towns that are responsible for assessing properties.
What is an equalization rate?
At its simplest, an equalization rate is the state’s measure of a municipalities’ level of assessment. This is the ratio of total assessed value to the municipalities total market value.