What happens if property assessments are not equalized across jurisdictions?

When property assessments are not equalized across jurisdictions, it results in some taxpayers potentially paying unfairly high or low taxes. Equalization is the process of ensuring that property assessments reflect fair market values and are applied uniformly across different areas. If assessments vary significantly, taxpayers in one jurisdiction could be over-assessed or under-assessed compared to others, leading to disparities in the amount of tax paid relative to property value.

This unequal treatment can create inequities, where similar properties in different jurisdictions are taxed at different rates, causing frustration and a sense of injustice among property owners. It's essential for assessments to be standardized to maintain a fair taxation system, where individuals contribute to public finances in proportion to the value of their property. The correct answer highlights the fundamental principle of equity in property taxation, emphasizing the importance of equalization in creating a fair system for all taxpayers.