§ 1222. Special equalization rates; state assessments. 1. (a) If the
commissioner finds that there has been a material change in level of
assessment, it shall determine a special equalization rate for purposes
of the assessment of special franchises and the approval of assessments
of taxable state lands. The commissioner shall adjust the assessments
affected by this special equalization rate and shall notify the
appropriate assessor, county director of real property tax services and
special franchise owner.

(b) Upon receipt of the notice referred to in paragraph (a) of this
subdivision, the assessor shall make the appropriate changes on the
assessment roll. If the notice is received after the filing of the final
assessment roll but at least ten days prior to the last day set by law
for a levy of taxes on that roll, the assessor shall notify the person
or persons having custody and control of the roll for that levy of the
changes to be made thereto and shall provide that person or those
persons with a copy of the notice received by the assessor from the
commissioner. The person or persons shall enter the changes on the roll
and affix the notice from the commissioner.

(c) If the assessor or other local official is unable to make the
appropriate changes within the time provided in paragraph (b) of this
subdivision, and those changes would have increased the taxable assessed
value, the assessor shall determine the amount of assessed valuation
which was not subject to such tax levy and shall enter that amount on
the assessment roll of the succeeding year in the manner provided for
the entry of omitted real property by title three of article five of
this chapter. If those changes would have decreased the assessed value,
correction shall be made in the manner provided for the correction of an
unlawful entry by title three of article five of this chapter.

2. If the commissioner finds that there has been a change in level of
assessment which is not a material change in level of assessment, and if
a request for a special equalization rate is filed with the commissioner
by either the assessing unit or a special franchise owner, the
commissioner shall determine a special equalization rate for assessment
purposes if it can do so not later than ten days prior to the last date
set by law for the levy of taxes. The commissioner shall thereupon
adjust the assessments affected by such special equalization rate and
shall notify the appropriate assessor, county director of real property
tax services and special franchise owners. Upon receipt of this notice,
the assessor or other local official having custody and control of the
assessment roll shall make the appropriate changes on the assessment
roll, as provided in paragraph (b) of subdivision one of this section.