What may be applied to correct inequalities in statewide tax assessments?

The correct answer is the equalization factor. An equalization factor is applied to adjust property assessments in order to ensure that property taxes are distributed fairly across different municipalities or areas in a state. When there are disparities in assessment practices or property values among different jurisdictions, this factor helps to level the playing field so that properties are taxed fairly based on their true market value.

For example, if one area is assessed at a higher ratio compared to another, applying an equalization factor can help to bring those assessments into alignment. This is crucial for ensuring that taxpayers are not unfairly burdened and that the state can effectively distribute tax revenue.

Assessment appeals involve individual property owners challenging their property assessments, typically through a formal process, and are more specific to individual cases rather than statewide corrections. Tax abatements refer to reductions in the amount of tax owed, often as an incentive for economic development or improvement projects, rather than addressing systemic inequalities in assessment practices. Reappraisal indicates a complete reassessment of property values, which can take a significant amount of time and resources, but may not directly address inequalities in existing assessments across different areas.

Thus, the equalization factor is the most effective tool for correcting inequalities in statewide tax assessments.