Equalized values are based on the full market value of all taxable property in the state, except for agricultural land. In order to provide property tax relief for farmers, the value of agricultural land is determined by its value for agriculture uses, rather than for its possible development value.
Equalized values are vital to local government - towns, villages, cities, and counties.
They are used in calculating state aid payments. Assessments prepared by local assessors are used to distribute the property tax burden within individual municipalities. Notices will be mailed this week to county and municipal clerks informing them of their year 2000 equalized values.