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A declining equalization rate implies a rising estimated market valuation.
This single equalization rate number has an insidious effect on how most other taxes are determined.
Consequently, every property in a town is assessed based on this fractional equalization rate.
For homeowners in my community, the equalization rate has become a confiscation rate.
The state imposes an equalization rate to each town to adjust the most recent assessment to changing market conditions.
But before this can be done, a state formula -- called an equalization rate -- has to be factored in.
Similar(52)
The reason equalization rates are used is because most local governments in the county have not reassessed their properties in many years.
An apparent flaw in the language of the law pinned the exemption to equalization rates, leading to the low amount in Babylon.
If we must live with equalization rates, we should at least model them on the once-a-decade tabulation of census figures.
Under the bill approved by the State Legislature, districts would have been allowed to apply for special equalization rates to better reflect their true property wealth.
Supervisor Lombardi said that state equalization rates were typically based on a sampling of far too few parcels of land in each community and as a consequence are generally an inaccurate measurement.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com