Section 607. Adjustment of certain special franchise assessments for changes in the level of assessments on other property

1.    Whenever
  there has been, as a result of a county-wide revaluation, a net increase
  of  one  hundred  per cent or more in the level of assessment of locally
  assessed property in any city or town on  its  assessment  roll  finally
  completed  in  the  year  nineteen  hundred  sixty  as compared with the
  preceding assessment roll, the state board shall determine  an  adjusted
  base  year  equalization  rate  for such city or town.   The state board
  shall also determine an adjusted  base  year  equalization  rate  for  a
  village  located  in  any  such  town  if  there shall have been such an
  increase in  the  level  of  assessment  in  any  such  village  on  its
  assessment roll completed in nineteen hundred sixty-one or in an earlier
  year subsequent to nineteen hundred fifty-three.
    2.  The adjusted base year equalization rate shall be the lower of the
  two  rates  computed  as  follows:   (i) the nineteen hundred fifty-four
  state equalization rate for such city, town or village multiplied by two
  and adjusted to  take  into  account  such  increase  in  the  level  of
  assessment,  or (ii) the nineteen hundred fifty-three state equalization
  rate for such city, town or village adjusted to take into  account  such
  increase  in  the  level of assessment.   In subsequent years, the state
  board shall adjust such adjusted base year  equalization  rate  for  any
  decrease in the level of assessment in excess of five per cent reflected
  on  any  subsequent assessment roll or in excess of an aggregate of five
  percent as reflected on three consecutive subsequent assessment rolls.
    3.  In establishing special franchise assessments for  the  assessment
  rolls  of  such  cities,  towns  or  villages  completed  hereafter  and
  subsequent to the assessment roll affected by such change in level,  the
  state board shall apply the adjusted base year equalization rate instead
  of the nineteen hundred fifty-three state equalization rate, as provided
  in  section six hundred six of this chapter, to any portion of the value
  of a special franchise which was assessed for the year nineteen  hundred
  fifty-three.