What is the equalization rate and why is it needed?
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An equalization rate is a ratio of the locally determined assessed value of taxable real property to the Office of Real Property Tax Services's estimate of market value. Equalization rates are New York State’s independent measure of each municipality’s level of assessment. For example, an equalization rate of 50 indicates that a town’s total assessed value of all real property is 50% of the town’s full (market) value determined for a specified date.
The state’s responsibility for “equalizing” local property assessments to a common full (market) value is important because the full values are used for a variety of purposes. These include the allocation of various state-aid programs, the fair apportionment of county and school property taxes, and the determination of tax and debt limits for local governments. One of the most important uses of the equalization rate is to divide fairly (to apportion) the tax burden among municipalities that are in the same school district.
Tax Department Equalization Webpage
Understanding the Equalization Rate, Current Equalization Information
Contact: ORPTS Solutions Center
Phone: (518) 591-5232