Legislation
SECTION 607
Adjustment of certain special franchise assessments for changes in the level of assessments on other property
Real Property Tax (RPT) CHAPTER 50-A, ARTICLE 6
§ 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.
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.