N.Y. Real Property Tax Law § 1224: Special equalization rates; ceilings or local assessment limitations; alternative veterans exemption

§ 1224. Special equalization rates; ceilings or local assessment

limitations; alternative veterans exemption. 1. Where the commissioner

is authorized or directed by law to determine special equalization rates

or change in level of assessment factors for an assessment ceiling or

other assessment limitation and there has been a material change in

level of assessment, the commissioner shall determine and certify the

appropriate special equalization rates or change in level of assessment

factor and shall notify the assessor and the county director of real

property tax services. The assessor shall recompute the ceilings or

assessments on any properties affected by such rates.

2. If the ceiling or assessment limitation as determined prior to the

application of the special equalization rate or change in level of

assessment factor exceeded the local assessed valuation, the assessor

shall make no change in the taxable assessed value of property subject

to the ceiling or local assessment limitation. If the ceiling or

assessment limitation prior to application of the special rate or change

in level of assessment factor was less than the local assessed

valuation, after recomputing the ceiling or assessment limitation, the

assessor shall amend the assessment roll by entering as the taxable

assessed value the lesser of: (i) the new ceiling or limitation and (ii)

the local assessed valuation.

3. The commissioner shall promulgate rules and regulations listing all

statutes to which this section applies.

4. Where an assessing unit other than a special assessing unit

implements, in accordance with the rules and regulations of the

commissioner, a revaluation or update as defined in section one hundred

two of this chapter, on an assessment roll with a taxable status date on

or after January first, nineteen hundred ninety-nine, and the valuation

date of the revaluation or update is as current or more current than the

full value standard of the market value survey used to establish the

state equalization rate for that assessment roll, the commissioner shall

establish a special equalization rate for purposes of this section which

rate shall be the uniform percentage of value prevailing on the

assessment roll for which the rate is established.