N.Y. Real Property Tax Law § 1216: Establishment of state equalization rates for supplemental assessment rolls for school purposes; computation of full valuation for school...

§ 1216. Establishment of state equalization rates for supplemental

assessment rolls for school purposes; computation of full valuation for

school districts using supplemental assessment rolls. 1. Where a

supplemental assessment roll has been completed, verified and filed

pursuant to section thirteen hundred thirty-five of this chapter, the

commissioner shall determine an equalization rate for such supplemental

assessment roll in the manner provided in this article for determining

equalization rates for towns. The equalization rate so determined for

the supplemental assessment roll shall be used in computing the taxable

full valuation of real property on the supplemental assessment roll for

all school district purposes except as otherwise provided in section

thirteen hundred fourteen of this chapter.

2. The full valuation of taxable property for school district purposes

for a fiscal year of a school district in which supplemental assessment

rolls were completed, verified and filed pursuant to section thirteen

hundred thirty-five of this chapter for such fiscal year, shall be the

simple average of the full valuation of taxable property on the regular

and supplemental assessment rolls of such school district for such

fiscal year, provided however, that such supplemental assessment rolls

shall not be used in determining limitations on indebtedness pursuant to

the local finance law. Such full valuation shall be computed for each

roll by dividing the taxable assessed valuation on each such roll by the

state equalization rate established for each such roll.