What is the purpose of County Equalization?

The purpose of County Equalization is to develop the true value of real property in each municipality. This process aims to ensure that property is assessed uniformly across different municipalities within the county. By determining the accurate market value of properties, county equalization helps maintain fairness in the property tax system, ensuring that residents pay a fair share relative to the value of their properties. The equalization process involves taking various factors into account, such as sales data and property characteristics, to arrive at a consistent assessment level, which then serves as a basis for establishing the overall property tax burden in the county.

Other options do not align with the primary objective of county equalization. For instance, calculating the average tax rate pertains more to overall tax jurisdiction and revenue needs rather than property valuation. Assessing personal property taxes focuses on a different category of property and would not fall under the realm of equalizing real estate values. Similarly, determining property tax exemptions is a separate process that deals with identifying properties that qualify for various tax relief measures and does not relate directly to equalizing assessments across municipalities.