OWEGO — The Tioga County Legislature this week announced the state equalization rates for towns throughout the county for next year.

Under to state real property tax law, legislators set the following equalization rates per $1,000 of assessed value: Town of Barton, 84; Town of Berkshire, 100; Town of Candor, 97; Town of Newark Valley, 68; Town of Nichols, 26; Town of Owego, 72.50; Town of Richford, 98; Town of Spencer, 90; and Town of Tioga, 6.40.

According to New York State, the equalization rate is a ratio of the locally determined value of taxable real property to the estimation of its market value.

For example, an equalization rate of 50 indicates that a municipality’s total assessed value of real property is 50 percent of the municipality’s full market value.

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