§ 489-l. State equalization rate. 1. In determining railroad ceilings,
the commissioner shall apply the latest state equalization rate for the
assessing unit, except that, if a special equalization rate has been
established as provided in subdivision two of this section, such rate
shall be applied. For the purposes of this title, the equalization rate
to be applied in computing railroad ceilings in the city of New York
shall be computed by the commissioner on a city-wide basis, giving
appropriate weight to the latest state equalization rates or special
equalization rates of the five counties within such city.

2. The commissioner shall establish a special equalization rate for
the purposes of this section where there has been a change in level of
assessment on the assessment roll for which a railroad ceiling is to be
determined, subject to the provisions of title two of article twelve of
this chapter, or the state equalization rate that would otherwise be
applied reflects the level of assessment on the property subject to the
railroad ceiling or where a final state equalization rate has not been
established for the assessment roll of the preceding year.