Section 606. Use of state equalization rates, special equalization rates and levels of assessment in making special franchise assessments

1. Except
  in a special assessing unit, the state board shall  apply  the  nineteen
  hundred  fifty-three state equalization rate to any portion of the value
  of the special franchise  which  was  assessed  for  the  year  nineteen
  hundred fifty-three; provided, however, that in determining the assessed
  value  of  a special franchise in an assessing unit which, subsequent to
  nineteen hundred fifty-three, has completed a revaluation in  compliance
  with  the standard of assessment of section three hundred five or former
  section three hundred six of this chapter, the state board shall provide
  the full value of special franchises to that assessing unit pursuant  to
  subdivision two of this section, notwithstanding the foregoing exception
  for  property  assessed  in  nineteen  hundred fifty-three. Whenever the
  state board applies the nineteen hundred fifty-three state  equalization
  rate  to  any  portion of the value of the special franchise assessments
  pursuant to this subdivision, the state board  shall  apply  the  latest
  state  equalization  rate or special equalization rate to the full value
  of all assessments of all other special franchise property  within  that
  assessing unit appearing on that assessment roll.
    2.  In  any  assessing  unit  which  has completed a revaluation since
  nineteen hundred fifty-three or which does not contain property that was
  assessed  in  nineteen  hundred  fifty-three,  the  state  board   shall
  determine  the  full value of such special franchise as of the valuation
  date of the assessing unit. Such full value shall be determined  by  the
  state  board  for  purposes  of  sections six hundred eight, six hundred
  fourteen and six hundred sixteen of  this  article.  These  full  values
  shall  be  entered  on  the  assessment roll at the level of assessment,
  which shall be the uniform percentage of value, as required  by  section
  five  hundred two of this chapter, appearing on the tentative assessment
  roll upon which the  assessment  is  entered.  Whenever  a  final  state
  equalization  rate, or, in the case of a special assessing unit, a class
  equalization rate, is established that is  different  from  a  level  of
  assessment  applied  pursuant  to  this  paragraph,  any public official
  having custody of that assessment roll is hereby authorized and directed
  to recompute  these  assessments  to  reflect  that  equalization  rate,
  provided  such final rate is established by the state board at least ten
  days prior to the date for levy of taxes against those assessments.