Equalized Valuation -- The true (market) value of real property, calculated by dividing the assessed value by the equalization ratio.  Equalized, true, and market values are terms often used interchangeably.

Equalized Value -- This item is calculated by dividing the net valuation taxable by the State Equalization Ratio to arrive at equalized value. It is promulgated by the Director of Taxation and represents a uniform computation of property value by formula designed to provide equitable distribution of State Aid programs.

Source: http://www.nj.gov/dca/lgs/annualrpt/ar_glossary.shtml