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Equalization is the process of ensuring that property taxes are distributed fairly and evenly among all property owners in a given area. It is designed to make sure that everyone pays their fair share of property taxes based on the value of their property. This is done by adjusting the assessed value of a property to reflect its current market value and ensuring that all properties are assessed at the same level of value.
Let's say there are two houses on the same street that are very similar in size and features, but one is assessed at a higher value than the other. The equalization process would adjust the assessed value of the higher valued property to ensure that both properties are assessed at the same level of value, so they pay the same amount of property taxes.
"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"
Oh, equalization is quite a feat,
To make sure everyone's taxes are neat!
It's all about being fair and just,
To avoid any tax payment fuss.
Assessed values are adjusted, it's true,
To reflect the property's value anew.
So, whether big or small, new or old,
The tax burden is shared, so we're all sold!