What is the primary function of a board of equalization?

The primary function of a board of equalization is to minimize discrepancies in assessed values. This board plays a critical role in the property tax system by reviewing assessments of property values from different jurisdictions to ensure that properties are assessed uniformly and fairly. By addressing inconsistencies in property valuations, the board helps to ensure that taxpayers are not unfairly burdened and that tax revenues are distributed equitably among the taxing entities.

The work of the board involves examining appeals from property owners who believe their properties have been overvalued or undervalued. Through this process, the board can correct these assessments to reflect a fair market value, thus ensuring a balanced approach to property taxation within the district. This contributes to the overall integrity of the taxation system, where all property owners pay a fair share relative to the true value of their property.

The other options, while related to property taxation, do not capture the essential purpose of a board of equalization as effectively as minimizing discrepancies in assessed values does. For example, equalizing millage rates among taxing districts pertains more to tax rates than property valuations. Adjusting ad valorem taxes based on income is a separate tax consideration and does not directly involve property assessments. Similarly, while adjusting assessed values for equal tax bills is relevant