What is the purpose of equalization in real property tax assessment?

The purpose of equalization in real property tax assessment is fundamentally aimed at establishing a more equitable division of the total tax burden among property owners. Equalization processes ensure that properties are assessed at a consistent and fair value across a jurisdiction, thereby addressing disparities that can occur when different properties are valued differently.

When assessments vary significantly, it can lead to unfair taxation where some property owners may pay more than their fair share, while others might pay less. By employing equalization techniques, tax assessors can adjust property values to reflect a uniform standard, promoting fairness in the taxation process. This creates a balanced approach where each property owner contributes an equitable share to the overall tax revenue needed by the municipality.

In contrast, determining tax rates or assessing market trends does not directly relate to the goal of equalizing assessments. Additionally, calculating total revenue focuses on financial outcomes rather than addressing the fairness of the distribution of tax responsibilities among property owners.