Section 1224. Special equalization rates; ceilings or local assessment limitations; alternative veterans exemption

1. Where the state board 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  board  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 state board 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 state
  board, 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 state board  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.