What is the composition of the Board of Equalization?

The correct answer reflects that the Board of Equalization typically comprises five members who are responsible for overseeing the assessment of property values and ensuring equitable taxation across jurisdictions. Each member is usually elected from a specific district, allowing representation that is geographically distributed. This structure is designed to provide a balanced approach to taxation by incorporating diverse perspectives and expertise. The board's primary function involves addressing issues related to property tax assessments and appeals, making it crucial for maintaining fairness within the tax system.

Understanding the composition is key for those studying real estate practice, as it interacts with property valuation and taxation, both critical elements in real estate transactions.