Warning
Info
Warning
Info
Simple English definitions for legal terms
equalization
Read a random definition: invalid
A quick definition of equalization:
Equalization: Equalization is the process of making sure that everyone is paying their fair share of taxes. This means adjusting the assessed values or tax rates to make them uniform and fair for everyone. It's like making sure that everyone gets an equal slice of the pie!
A more thorough explanation:
Definition: Equalization is the process of adjusting assessed values or taxes to make them fair and uniform.
For example, if one property is assessed at a higher value than another property of similar size and location, equalization may be used to adjust the values so that they are more equal. Similarly, if one area is taxed at a higher rate than another area, equalization may be used to adjust the taxes so that they are more uniform.
Equalization is important because it ensures that everyone is paying their fair share of taxes and that property values are assessed accurately and fairly.