What must be included in the calculation of equalized valuation?

The calculation of equalized valuation is fundamental in property tax assessments, especially for establishing fair distribution among municipalities within a county. The equalized valuation serves to normalize the assessed values of properties across different jurisdictions where assessment ratios may vary.

The correct choice highlights that the equalized valuation is determined by taking the aggregate assessed value and dividing it by the average weighted ratio. This method ensures that properties are evaluated on a level playing field, accounting for discrepancies in the assessment practices of various municipalities. By using the average weighted ratio, the calculation corrects for differences in assessment levels, allowing for a more equitable comparison of property values.

In contrast, focusing solely on the aggregate assessed value would neglect the necessary adjustments that ensure fairness across jurisdictions. Additionally, total property tax collected does not play a direct role in determining equalized valuation, as it relates more to the overall revenue generated rather than property assessment ratios. Lastly, personal property values alone are not sufficient for this calculation, as equalized valuation involves all classes of property, not just personal property. Thus, the method involving the aggregate assessed value and average weighted ratio is the accurate approach to deriving equalized valuation.