An Equalization Study is designed to determine how closely assessed values within a classification are related to True Cash Value. It is a forward-looking comparison to the current year's assessed value. In the forward-looking comparison to the current year's assessed value. In the State of Michigan, as mandated by the constitution, property is to be assessed at 50% of True Cash Value. The results of an Equalization Study may determine that, for example, Industrial property in Delta is being assessed at only 48.71% of True Cash Value going into the next assessment cycle. Whether the ratio falls above or below 50% will determine the direction in which assessments in the local classification need to move as compared to the local assessor's independent analysis.