N.Y. RPT Law § 1224

§ 1224. Special equalization rates; ceilings or local assessment\nlimitations; alternative veterans exemption. 1. Where the commissioner\nis authorized or directed by law to determine special equalization rates\nor change in level of assessment factors for an assessment ceiling or\nother assessment limitation and there has been a material change in\nlevel of assessment, the commissioner shall determine and certify the\nappropriate special equalization rates or change in level of assessment\nfactor and shall notify the assessor and the county director of real\nproperty tax services. The assessor shall recompute the ceilings or\nassessments on any properties affected by such rates.\n 2. If the ceiling or assessment limitation as determined prior to the\napplication of the special equalization rate or change in level of\nassessment factor exceeded the local assessed valuation, the assessor\nshall make no change in the taxable assessed value of property subject\nto the ceiling or local assessment limitation. If the ceiling or\nassessment limitation prior to application of the special rate or change\nin level of assessment factor was less than the local assessed\nvaluation, after recomputing the ceiling or assessment limitation, the\nassessor shall amend the assessment roll by entering as the taxable\nassessed value the lesser of: (i) the new ceiling or limitation and (ii)\nthe local assessed valuation.\n 3. The commissioner shall promulgate rules and regulations listing all\nstatutes to which this section applies.\n 4. Where an assessing unit other than a special assessing unit\nimplements, in accordance with the rules and regulations of the\ncommissioner, a revaluation or update as defined in section one hundred\ntwo of this chapter, on an assessment roll with a taxable status date on\nor after January first, nineteen hundred ninety-nine, and the valuation\ndate of the revaluation or update is as current or more current than the\nfull value standard of the market value survey used to establish the\nstate equalization rate for that assessment roll, the commissioner shall\nestablish a special equalization rate for purposes of this section which\nrate shall be the uniform percentage of value prevailing on the\nassessment roll for which the rate is established.\n