Definitions for "Equalization Rate"
Keywords:  village, town, rptl, semblance, orps
"State equalization rate" means the percentage of full value at which taxable real property in a county, city, town or village is assessed as determined by the state board." (RPTL Section 102) The rate is a ratio of the sum of the locally determined assessed values for all taxable parcels for a given assessment roll divided by ORPS's estimate of total full value for that same roll.
The ratio of a municipality's total assessment to its market value. Equalization rates are determined by New York State, and the county has no control over them. Your local municipality can challenge them, however. If equalization rates go up, you taxes go down, and visa-versa.
Represents the average level of assessment in each community. For example, an equalization rate of 80 means that properties in a community are assessed at an average of 80 percent of their market value.