New York Real Property Tax Law Section 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.

Last modified: February 3, 2019