N.Y. RPT Law § 607

§ 607. Adjustment of certain special franchise assessments for changes\nin the level of assessments on other property. 1. Whenever there has\nbeen, as a result of a county-wide revaluation, a net increase of one\nhundred per cent or more in the level of assessment of locally assessed\nproperty in any city or town on its assessment roll finally completed in\nthe year nineteen hundred sixty as compared with the preceding\nassessment roll, the commissioner shall determine an adjusted base year\nequalization rate for such city or town. The commissioner shall also\ndetermine an adjusted base year equalization rate for a village located\nin any such town if there shall have been such an increase in the level\nof assessment in any such village on its assessment roll completed in\nnineteen hundred sixty-one or in an earlier year subsequent to nineteen\nhundred fifty-three.\n 2. The adjusted base year equalization rate shall be the lower of the\ntwo rates computed as follows: (i) the nineteen hundred fifty-four state\nequalization rate for such city, town or village multiplied by two and\nadjusted to take into account such increase in the level of assessment,\nor (ii) the nineteen hundred fifty-three state equalization rate for\nsuch city, town or village adjusted to take into account such increase\nin the level of assessment. In subsequent years, the commissioner shall\nadjust such adjusted base year equalization rate for any decrease in the\nlevel of assessment in excess of five per cent reflected on any\nsubsequent assessment roll or in excess of an aggregate of five percent\nas reflected on three consecutive subsequent assessment rolls.\n 3. In establishing special franchise assessments for the assessment\nrolls of such cities, towns or villages completed hereafter and\nsubsequent to the assessment roll affected by such change in level, the\ncommissioner shall apply the adjusted base year equalization rate\ninstead of the nineteen hundred fifty-three state equalization rate, as\nprovided in section six hundred six of this chapter, to any portion of\nthe value of a special franchise which was assessed for the year\nnineteen hundred fifty-three.\n