Percentage of the fair market value of a property at which that property is assessed for property tax. It is computed by dividing the total assessed value of the property with its market value and multiplying the result with 100. Thus, an equalization rate of 100 means the property's assessed value is the same as its market value. An equalization rate of more/less than 100 means that the property 's assessed value is greater/less than its market value. Equalization rate is often calculated when an authority is attempting to maintain equalization. also called equalization ratio.