What does "equalization rate" mean?

This rate, sometimes called the equalization ratio, is used by the Department of Revenue Administration to calculate a municipality's equalized assessed valuation. A rate of 100 means the municipality is assessing property at 100 percent of market value. A rate of less than 100 means the municipality's total market value is greater than its assessed value. A rate greater than 100 means the total assessed value for the municipality is greater than its total market value.