N.Y. Real Property Tax Law § 606: Use of state equalization rates, special equalization rates and levels of assessment in making special franchise assessments

§ 606. Use of state equalization rates, special equalization rates and

levels of assessment in making special franchise assessments. 1. Except

in a special assessing unit, the commissioner shall apply the nineteen

hundred fifty-three state equalization rate to any portion of the value

of the special franchise which was assessed for the year nineteen

hundred fifty-three; provided, however, that in determining the assessed

value of a special franchise in an assessing unit which, subsequent to

nineteen hundred fifty-three, has completed a revaluation in compliance

with the standard of assessment of section three hundred five or former

section three hundred six of this chapter, the commissioner shall

provide the full value of special franchises to that assessing unit

pursuant to subdivision two of this section, notwithstanding the

foregoing exception for property assessed in nineteen hundred

fifty-three. Whenever the commissioner applies the nineteen hundred

fifty-three state equalization rate to any portion of the value of the

special franchise assessments pursuant to this subdivision, the

commissioner shall apply the latest state equalization rate or special

equalization rate to the full value of all assessments of all other

special franchise property within that assessing unit appearing on that

assessment roll.

2. In any assessing unit which has completed a revaluation since

nineteen hundred fifty-three or which does not contain property that was

assessed in nineteen hundred fifty-three, the commissioner shall

determine the full value of such special franchise as of the taxable

status date specified by subdivision four of section three hundred two

of this chapter. Such full value shall be determined by the commissioner

for purposes of sections six hundred eight, six hundred fourteen and six

hundred sixteen of this article. These full values shall be entered on

the assessment roll at the level of assessment, which shall be the

uniform percentage of value, as required by section five hundred two of

this chapter, appearing on the tentative assessment roll upon which the

assessment is entered. Whenever a final state equalization rate, or, in

the case of a special assessing unit, a class equalization rate, is

established that is different from a level of assessment applied

pursuant to this paragraph, any public official having custody of that

assessment roll is hereby authorized and directed to recompute these

assessments to reflect that equalization rate, provided such final rate

is established by the commissioner at least ten days prior to the date

for levy of taxes against those assessments.