What process allows states to require localities to adjust assessed values?

The process of direct equalization refers to a method employed by states to ensure that assessed property values across localities are uniform and equitable. This process allows states to intervene when disparities in property assessments exist within their jurisdiction, thereby requiring local assessments to be adjusted to reflect a standardized value approach.

Direct equalization is particularly important for maintaining fairness in the property tax system, ensuring that no locality is disproportionately benefiting or suffering due to inconsistent assessment practices. By using direct equalization, states can create a balanced framework within which local tax bases are established, leading to more consistent tax burdens for property owners across different areas.

This method is distinct from the other options, which do not specifically pertain to the authoritative adjustments of local assessed values by state entities. For instance, market stabilization often focuses on broader economic systems rather than specific taxation processes, and value assessment revision doesn't encapsulate the state's role in mandating local adjustments. Local taxation reform involves broader changes to how local taxes are structured and administered but does not specifically address the adjustment of assessed values by states.