Legislation
SECTION 1224
Special equalization rates; ceilings or local assessment limitations; alternative veterans exemption
Real Property Tax (RPT) CHAPTER 50-A, ARTICLE 12, TITLE 2
§ 1224. Special equalization rates; ceilings or local assessment
limitations; alternative veterans exemption. 1. Where the commissioner
is authorized or directed by law to determine special equalization rates
or change in level of assessment factors for an assessment ceiling or
other assessment limitation and there has been a material change in
level of assessment, the commissioner shall determine and certify the
appropriate special equalization rates or change in level of assessment
factor and shall notify the assessor and the county director of real
property tax services. The assessor shall recompute the ceilings or
assessments on any properties affected by such rates.
2. If the ceiling or assessment limitation as determined prior to the
application of the special equalization rate or change in level of
assessment factor exceeded the local assessed valuation, the assessor
shall make no change in the taxable assessed value of property subject
to the ceiling or local assessment limitation. If the ceiling or
assessment limitation prior to application of the special rate or change
in level of assessment factor was less than the local assessed
valuation, after recomputing the ceiling or assessment limitation, the
assessor shall amend the assessment roll by entering as the taxable
assessed value the lesser of: (i) the new ceiling or limitation and (ii)
the local assessed valuation.
3. The commissioner shall promulgate rules and regulations listing all
statutes to which this section applies.
4. Where an assessing unit other than a special assessing unit
implements, in accordance with the rules and regulations of the
commissioner, a revaluation or update as defined in section one hundred
two of this chapter, on an assessment roll with a taxable status date on
or after January first, nineteen hundred ninety-nine, and the valuation
date of the revaluation or update is as current or more current than the
full value standard of the market value survey used to establish the
state equalization rate for that assessment roll, the commissioner shall
establish a special equalization rate for purposes of this section which
rate shall be the uniform percentage of value prevailing on the
assessment roll for which the rate is established.
limitations; alternative veterans exemption. 1. Where the commissioner
is authorized or directed by law to determine special equalization rates
or change in level of assessment factors for an assessment ceiling or
other assessment limitation and there has been a material change in
level of assessment, the commissioner shall determine and certify the
appropriate special equalization rates or change in level of assessment
factor and shall notify the assessor and the county director of real
property tax services. The assessor shall recompute the ceilings or
assessments on any properties affected by such rates.
2. If the ceiling or assessment limitation as determined prior to the
application of the special equalization rate or change in level of
assessment factor exceeded the local assessed valuation, the assessor
shall make no change in the taxable assessed value of property subject
to the ceiling or local assessment limitation. If the ceiling or
assessment limitation prior to application of the special rate or change
in level of assessment factor was less than the local assessed
valuation, after recomputing the ceiling or assessment limitation, the
assessor shall amend the assessment roll by entering as the taxable
assessed value the lesser of: (i) the new ceiling or limitation and (ii)
the local assessed valuation.
3. The commissioner shall promulgate rules and regulations listing all
statutes to which this section applies.
4. Where an assessing unit other than a special assessing unit
implements, in accordance with the rules and regulations of the
commissioner, a revaluation or update as defined in section one hundred
two of this chapter, on an assessment roll with a taxable status date on
or after January first, nineteen hundred ninety-nine, and the valuation
date of the revaluation or update is as current or more current than the
full value standard of the market value survey used to establish the
state equalization rate for that assessment roll, the commissioner shall
establish a special equalization rate for purposes of this section which
rate shall be the uniform percentage of value prevailing on the
assessment roll for which the rate is established.