How are the equalized values used?
The equalized values are used by the taxing jurisdictions (i.e., school districts, counties, state, etc.) to apportion their tax levies (budgets) among municipalities. “Apportioning” is the process of dividing the tax levies for each taxing jurisdiction among all of the properties in the jurisdiction, based upon the total value of each district. A state levy, for example, would be apportioned among all of the properties in the state; an individual county’s levy among all of the properties in the county; and a school levy among all of the properties in the school district. Equalization is required to compensate for the fact that at any point in time, different municipal jurisdictions assessment ratios are not all at 100% of market value. Equalization adjusts all property values to 100% in order to equally distribute the overlying property taxes fairly to each property owner. Example: If the City of Janesville’s assessment ratio is 89%, the City of Beloit’s 93% and the village of Clinton
