Sentences with phrase «equalization rate»
The phrase "equalization rate" refers to a percentage or ratio used to make property taxes fair and equal across different areas. It is a factor used in property assessment to ensure that property values are assessed consistently and accurately, taking into account varying market conditions in different regions. The equalization rate helps to level the playing field when determining how much each property owner should contribute in taxes, ensuring fairness and uniformity. Full definition
But many property owners» taxes will remain flat because of equalization rates, he added.
timesunion.com
Property tax burdens were recalculated as effective rates, based on OSC estimates of assessed property values converted to full value based on equalization rates.
A table containing municipal tax rates, based upon the separate municipalities equalization rates, is included with this transmission in PDF format.
According to a 2017 press release from the Illinois Department of Revenue, the department figures out the equalization rate «for each county by comparing the actual selling price of individual properties, over a three - year period, with the assessed value placed on those properties by the county assessor and adjusted by the board of review.»