It is essential to review all sales transactions, and to monitor other factors that may have an effect on the local market. Sales are separated into categories such as, property type, location, and use. The sales are then compared to tax assessments by a percent amount called an equalization ratio. Categorized equalization ratios are then compared to the overall City equalization rate approved by the Vermont Department of Property Valuation and Review. Equalizing property values on an annual basis can save the City money.
Equalization is a cost effective way to delay an expensive citywide revaluation.
Equalizing property tax values will level the tax burden throughout the city. Municipalities throughout the United State have adopted equalization standards for the cost saving benefits and taxation fairness.