A tool assembly including an equalization valve allowing for continuous equalization of pressure above and below a sealing element includes a housing having a fluid passageway that is fluidically continuous across a sealing element disposed on a mandrel. The mandrel is part of a sealing assembly that contains the sealing element. The equalization valve includes a valve plug moveable from an open to a seated position wherein the valve plug is seated against the sealing mandrel. The valve plug defines a conduit that provides minimal fluid flow across the sealing element when the valve plug is seated against the sealing mandrel. The equalization valve further includes an outer port for permitting lateral flow of fluid from the tubing string to the annulus defined between the tubing string and the wellbore. The equalization valve may be part of a downhole tool assembly which includes the equalization valve and a sealing assembly.