Definition
For all practical purposes, the same as equalized valueThe full market value of all taxable property in a municipality, both real and personal. The equalized value is determined by the Department of Revenue each year.. It represents the current market valueThe amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment... of all taxable property within the boundaries of a municipality or district, such as a school district or tax incremental district.