N.Y. Comp. Codes R. & Regs. Tit. 20 §§ 8197-4.3

Current through Register Vol. 46, No. 53, December 31, 2024

Section 8197-4.3 - Rescission of final special franchise assessment or full value

(a) If a special equalization rate is established pursuant to Subpart 8186-3 of this Title following the determination of the final special franchise assessment, the final special franchise assessment shall be rescinded and a new final special franchise assessment shall be determined by ORPTS using the special equalization rate; provided, however, that if the special equalization rate was established by reason of the completion of a revaluation which had not been expected when the tentative special franchise assessment had been determined, the final special franchise assessment shall be rescinded and a new tentative special franchise full value shall be determined pursuant to this Subpart.

(b) If ORPTS determines that there has been an error in the establishment of a final special franchise assessment or full value due to a mathematical error or an incorrect inventory or an incorrect application of a valuation component and that such error or errors results in an assessment or full value that is more than 10 percent different from what the assessment or full value should have been if properly established, ORPTS may establish a new tentative assessment or full value at any time within six months of the establishment of that incorrect assessment or full value.