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English definition of “equalization”

equalization

noun [U] (UK also equalisation)
 
 
/ˌiːkwəlaɪˈzeɪʃən/ US   /ˌiːkwəlɪˈzeɪʃən/
PROPERTY, TAX in the US and Canada, a process in which each local tax authority tries to make sure that the amount of tax to pay on a property is calculated at the same percentage of its value as other properties: The county's equalization director confirmed that property values had come to a standstill, rising only 1.6% over a 12-month period.
the process of making laws or treatment the same for all people or companies in a group or place: equalization of sth There are new rules which allow for the gradual equalization of pensions between men and women.
(Definition of equalization from the Cambridge Business English Dictionary © Cambridge University Press)
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