US Laws, Codes, Statutes & Cases

 
    §  164-a.  Procedure on application for correction of an assessment of
  seven hundred fifty thousand dollars or  more.  a.  Notwithstanding  any
  other  provision  of  this  charter  or the administrative code, the tax
  commission may itself or by a commissioner or assessor authorized by the
  commission act upon applications for correction of an assessment of real
  property assessed at  seven  hundred  fifty  thousand  dollars  or  more
  between  the  first  day of February and the first day of September. Any
  such application shall specify all income received or  accrued  and  all
  expenses  paid  or  incurred in the operation of the property during the
  calendar  year  preceding  the  date  of  application,  or  during   the
  applicant's  last  fiscal  year preceding the date of the application if
  the applicant's books and records are maintained on a fiscal year  basis
  for  federal  income tax purposes which ends six months or more prior to
  the date of application, or during any part of such calendar  or  fiscal
  year  in  which  the property was operated by the applicant, except that
  where the applicant  has  not  operated  the  property  and  is  without
  knowledge  of  the  income and expenses of the operation, it shall state
  such facts under oath in lieu thereof. In the event that  the  statement
  of  income  and  expenses  is not filed as part of the application, such
  statement, when duly verified, shall be filed prior to the  twenty-fifth
  day of March.
    b.  All  other  provisions  of  law  shall  apply  to  the  review  of
  applications for correction of tentative assessed valuation of  property
  assessed for seven hundred fifty thousand dollars or more except insofar
  as the dates contained therein are inconsistent with the dates set forth
  in this section.
    d.  Whenever  such  a reduction is granted after a final completion of
  the assessment roll any tax imposed upon the amount  of  such  reduction
  shall be refunded or credited as soon as practicable.
    e.  Any  reduction  shall be made public within sixty days after it is
  rendered. A list of reductions in real  property  assessments  shall  be
  published  thereafter  in  the  city  record  on  or before the first of
  November.