What ensures that all properties within a municipality have the same relationship to market value?

Equalization plays a crucial role in ensuring that all properties within a municipality have the same relationship to market value. It allows for adjustments to property assessments so they align more closely with the true market value of properties in the area. This process is essential because property values can vary significantly due to factors like economic conditions, location, and property condition.

By applying equalization, the municipality can maintain fairness and equity in taxation, ensuring that no single property or group of properties is taxed disproportionately compared to their actual market value. This method promotes uniformity across all properties, so that assessments reflect true value consistently throughout the municipality, supporting the primary goal of equitable taxation.