N.Y. Real Property Tax Law § 607: Adjustment of certain special franchise assessments for changes in the level of assessments on other property

§ 607. Adjustment of certain special franchise assessments for changes

in the level of assessments on other property. 1. Whenever there has

been, as a result of a county-wide revaluation, a net increase of one

hundred per cent or more in the level of assessment of locally assessed

property in any city or town on its assessment roll finally completed in

the year nineteen hundred sixty as compared with the preceding

assessment roll, the commissioner shall determine an adjusted base year

equalization rate for such city or town. The commissioner shall also

determine an adjusted base year equalization rate for a village located

in any such town if there shall have been such an increase in the level

of assessment in any such village on its assessment roll completed in

nineteen hundred sixty-one or in an earlier year subsequent to nineteen

hundred fifty-three.

2. The adjusted base year equalization rate shall be the lower of the

two rates computed as follows: (i) the nineteen hundred fifty-four state

equalization rate for such city, town or village multiplied by two and

adjusted to take into account such increase in the level of assessment,

or (ii) the nineteen hundred fifty-three state equalization rate for

such city, town or village adjusted to take into account such increase

in the level of assessment. In subsequent years, the commissioner shall

adjust such adjusted base year equalization rate for any decrease in the

level of assessment in excess of five per cent reflected on any

subsequent assessment roll or in excess of an aggregate of five percent

as reflected on three consecutive subsequent assessment rolls.

3. In establishing special franchise assessments for the assessment

rolls of such cities, towns or villages completed hereafter and

subsequent to the assessment roll affected by such change in level, the

commissioner shall apply the adjusted base year equalization rate

instead of the nineteen hundred fifty-three state equalization rate, as

provided in section six hundred six of this chapter, to any portion of

the value of a special franchise which was assessed for the year

nineteen hundred fifty-three.