State Codes and Statutes

Statutes > New-york > Rpt > Article-19 > 1903-a 

§  1903-a.  Optional homestead and non-homestead tax rates in eligible  split tax districts. 1. Notice of intent. (a) The governing body  of  an  eligible  split  tax  district  which intends to establish homestead and  non-homestead tax rates shall file  a  notice  of  intent  to  establish  homestead and non-homestead tax rates with each assessor who prepares an  assessment  roll  used in whole or in part for the levy of taxes by such  tax district. The notice shall be filed with each assessor on or  before  the  taxable status date of the first assessment roll to which homestead  and non-homestead tax rates may apply. A copy of the  notice  of  intent  shall  also  be  filed  with  the  county  director of real property tax  services.    (b) The governing body of a school district or village  which  expects  one  or  more  cities  or towns within the school district or village to  adopt local laws pursuant to section  nineteen  hundred  three  of  this  article  and  thereby  render the school district or village an eligible  split  tax  district  and  which  intends  to  establish  homestead  and  non-homestead  tax  rates  is authorized to and shall file the notice of  intent required by paragraph (a) of this subdivision.    (c) The governing body of an eligible split  tax  district  which  has  filed a notice of intent pursuant to this subdivision and which does not  intend  to  establish  homestead  and non-homestead tax rates may cancel  such notice  of  intent,  provided  that  such  cancellation  shall  not  prohibit  a  subsequent  filing  of the notice of intent. A copy of such  cancellation shall be filed with the appropriate  assessors  and  county  director of real property tax services.    2.  Classification  of  assessment rolls; assessor certification. Upon  receiving notice pursuant to  subdivision  one  of  this  section,  each  assessor  who  prepares  an assessment roll used in whole or in part for  the levy of the taxes by such eligible split tax district shall classify  in either the homestead or non-homestead class each property  listed  on  such  roll  or on the part thereof applicable to such tax district. Such  classification  of   individual   properties   shall   be   subject   to  administrative  and  judicial  review pursuant to title one-A of article  five and title one of article seven of this chapter. Upon completion and  filing  of  a  final  assessment  roll  classified  pursuant   to   this  subdivision,  the  assessor  shall certify to the authorities of the tax  district the total assessed value and total taxable  assessed  value  of  the  real  property subject to taxation for purposes of the tax district  in the homestead and non-homestead class,  respectively,  as  determined  from  such  assessment  roll  or  part  thereof  applicable  to  the tax  district. The classification  and  certification  requirements  of  this  subdivision  shall  apply  until the governing body of an eligible split  tax district either cancels the notice of intent to establish  homestead  and  non-homestead tax rates pursuant to subdivision one of this section  or rescinds  a  resolution  adopting  the  provisions  of  this  section  pursuant to subdivision five of this section.    3.  Adoption.  The  governing  body  of an eligible split tax district  which has filed a notice of intent pursuant to subdivision one  of  this  section  may  adopt  the  provisions  of  this  section  by  resolution,  following a public hearing, at  any  time  prior  to  the  levy  of  the  district's  taxes.    Prior notice of such hearing shall be published at  least once in a newspaper having general circulation in the tax district  and shall be provided to the  governing  body  of  each  city  and  town  located  wholly  or  partially within the tax district. Adoption of such  resolution shall require use of homestead and  non-homestead  tax  rates  calculated  pursuant  to  subdivision  four  of  this  section  for  all  subsequent tax levies until such resolution is rescinded as provided  in  subdivision  five  of  this  section. A copy of such resolution shall befiled with the body, officer or employee that computes the tax rates and  the county director of real property tax services.    4.  Calculation  of  tax  rates.  (a)  Equalization  by class. The tax  authorities shall determine for the homestead and non-homestead classes,  respectively, the total full valuation and total taxable full  valuation  of  the  real property subject to taxation for district purposes in each  city or town or part thereof included within the tax district. The total  full valuation of a class in a city or town or  part  thereof  shall  be  computed  by  dividing  the  total assessed value of the property in the  class by the  state  equalization  rate  or  special  equalization  rate  prescribed  in  section  thirteen  hundred fourteen of this chapter. The  total taxable full valuation of a class  in  a  city  or  town  or  part  thereof  shall  be computed by dividing the total taxable assessed value  of the property in the class by the state equalization rate  or  special  equalization  rate  prescribed  in  section thirteen hundred fourteen of  this chapter.    (b) Aggregate tax district homestead  and  non-homestead  proportions.  The  governing  body  of  the  tax  district  shall  establish by annual  resolution  an  aggregate  tax  district  homestead  proportion  and  an  aggregate  tax  district  non-homestead  proportion.  The  aggregate tax  district  homestead  proportion  shall  be  computed  by  dividing   the  aggregate  taxable  full valuation of the real property in the homestead  class in the tax district as a  whole  by  the  aggregate  taxable  full  valuation  of  the real property in both the homestead and non-homestead  classes in the tax district as  a  whole.  The  aggregate  tax  district  non-homestead  proportion shall be computed by subtracting the aggregate  tax district homestead proportion from the whole number one.    (c) Aggregate homestead and non-homestead tax  shares.  The  governing  body  of  the  tax  district  shall  determine  by annual resolution the  percentage of the tax levy to be allocated to  each  class  in  the  tax  district as a whole by establishing an aggregate homestead tax share and  an  aggregate non-homestead tax share. The aggregate homestead tax share  shall be no less than seventy-five percent and no more than one  hundred  percent  of  the aggregate tax district homestead proportion, subject to  the following constraints:    (i) the aggregate non-homestead tax share shall not exceed one hundred  twenty-five  percent  of  the  aggregate  tax   district   non-homestead  proportion;    (ii) where more than fifty-seven and one-half percent of the aggregate  taxable  full  valuation of the real property in the non-homestead class  in the eligible split tax district which is a school district as a whole  is attributable to non-homestead real property located in  one  or  more  city  or  town approved assessing units which have in effect a local law  adopted pursuant to section nineteen hundred three of this article,  the  aggregate  non-homestead  tax  share  shall not exceed the non-homestead  base proportion,  adjusted  non-homestead  base  proportion  or  locally  adjusted  non-homestead  proportion  certified  pursuant  to subdivision  seven of such section nineteen hundred three or where the eligible split  tax district which is a school district is located in more than one such  city or town, an average of  such  proportions  weighted  by  the  total  taxable  full  valuation of the non-homestead class in each such city or  town or part thereof within the eligible split tax district which  is  a  school district; and    (iii)  the sum of the aggregate homestead and non-homestead tax shares  shall equal one hundred percent.  The governing body of the  tax  district  shall  certify  the  aggregate  homestead  and non-homestead tax shares to the body, officer or employee  that computes the tax district's tax rates.(d) Apportionment  by  class.  The  body,  officer  or  employee  that  computes  the  tax  district's tax rates shall allocate to the homestead  and non-homestead classes in the tax district as a whole,  respectively,  a  share  of  the  amount to be raised equal to the applicable aggregate  homestead  or non-homestead tax share. The amount to be raised from each  such class in the tax district as a  whole  shall  then  be  apportioned  separately  among  the cities or towns or parts thereof in which the tax  district is located in proportion to the percentage that the total  full  valuation  of  the class in each such city or town or part thereof bears  to the aggregate total full valuation of the class in the  tax  district  as a whole. The amount so apportioned to each class in each city or town  shall be the amount to be raised from that class in that city or town.    (e)  Class  tax rates. The body, officer or employee that computes the  tax district's tax rates shall compute a  tax  rate  for  the  homestead  class  and a separate tax rate for the non-homestead class for each city  or town or part thereof in which the tax district is  located.  The  tax  rate  for a class in a city or town or part thereof shall be computed by  dividing the amount to be raised from the class in that city or town  by  the  total  taxable  assessed value of the real property in the class in  that city or town or part thereof as entered  on  the  final  assessment  roll used for the levy of the tax district's taxes.    (f) Correction and review. The equalization and apportionment required  by  this  subdivision  shall  be subject to correction and review to the  extent practicable as provided in section thirteen hundred  fourteen  of  this chapter.    5.  Rescission.  The  governing body of the tax district may rescind a  resolution adopting the provisions of this  section,  without  a  public  hearing,  at  any time prior to the levy of taxes for the fiscal year to  which such resolution is applicable. A copy of such resolution shall  be  filed  with  the  body,  officer  or  employee  that  computes  the  tax  district's tax rates, each assessor who prepares an assessment roll used  in whole or in part for the levy of the tax  district's  taxes  and  the  county director of real property tax services.    6.  Expiration.  A notice of intent shall expire if the governing body  fails to adopt the provisions of this  section  within  one  year  after  filing  the notice of intent. Upon the expiration of a notice of intent,  the classification requirements  of  this  section  shall  cease  to  be  applicable,  but  may  be  reinstated  by  the filing of a new notice of  intent.

State Codes and Statutes

Statutes > New-york > Rpt > Article-19 > 1903-a 

§  1903-a.  Optional homestead and non-homestead tax rates in eligible  split tax districts. 1. Notice of intent. (a) The governing body  of  an  eligible  split  tax  district  which intends to establish homestead and  non-homestead tax rates shall file  a  notice  of  intent  to  establish  homestead and non-homestead tax rates with each assessor who prepares an  assessment  roll  used in whole or in part for the levy of taxes by such  tax district. The notice shall be filed with each assessor on or  before  the  taxable status date of the first assessment roll to which homestead  and non-homestead tax rates may apply. A copy of the  notice  of  intent  shall  also  be  filed  with  the  county  director of real property tax  services.    (b) The governing body of a school district or village  which  expects  one  or  more  cities  or towns within the school district or village to  adopt local laws pursuant to section  nineteen  hundred  three  of  this  article  and  thereby  render the school district or village an eligible  split  tax  district  and  which  intends  to  establish  homestead  and  non-homestead  tax  rates  is authorized to and shall file the notice of  intent required by paragraph (a) of this subdivision.    (c) The governing body of an eligible split  tax  district  which  has  filed a notice of intent pursuant to this subdivision and which does not  intend  to  establish  homestead  and non-homestead tax rates may cancel  such notice  of  intent,  provided  that  such  cancellation  shall  not  prohibit  a  subsequent  filing  of the notice of intent. A copy of such  cancellation shall be filed with the appropriate  assessors  and  county  director of real property tax services.    2.  Classification  of  assessment rolls; assessor certification. Upon  receiving notice pursuant to  subdivision  one  of  this  section,  each  assessor  who  prepares  an assessment roll used in whole or in part for  the levy of the taxes by such eligible split tax district shall classify  in either the homestead or non-homestead class each property  listed  on  such  roll  or on the part thereof applicable to such tax district. Such  classification  of   individual   properties   shall   be   subject   to  administrative  and  judicial  review pursuant to title one-A of article  five and title one of article seven of this chapter. Upon completion and  filing  of  a  final  assessment  roll  classified  pursuant   to   this  subdivision,  the  assessor  shall certify to the authorities of the tax  district the total assessed value and total taxable  assessed  value  of  the  real  property subject to taxation for purposes of the tax district  in the homestead and non-homestead class,  respectively,  as  determined  from  such  assessment  roll  or  part  thereof  applicable  to  the tax  district. The classification  and  certification  requirements  of  this  subdivision  shall  apply  until the governing body of an eligible split  tax district either cancels the notice of intent to establish  homestead  and  non-homestead tax rates pursuant to subdivision one of this section  or rescinds  a  resolution  adopting  the  provisions  of  this  section  pursuant to subdivision five of this section.    3.  Adoption.  The  governing  body  of an eligible split tax district  which has filed a notice of intent pursuant to subdivision one  of  this  section  may  adopt  the  provisions  of  this  section  by  resolution,  following a public hearing, at  any  time  prior  to  the  levy  of  the  district's  taxes.    Prior notice of such hearing shall be published at  least once in a newspaper having general circulation in the tax district  and shall be provided to the  governing  body  of  each  city  and  town  located  wholly  or  partially within the tax district. Adoption of such  resolution shall require use of homestead and  non-homestead  tax  rates  calculated  pursuant  to  subdivision  four  of  this  section  for  all  subsequent tax levies until such resolution is rescinded as provided  in  subdivision  five  of  this  section. A copy of such resolution shall befiled with the body, officer or employee that computes the tax rates and  the county director of real property tax services.    4.  Calculation  of  tax  rates.  (a)  Equalization  by class. The tax  authorities shall determine for the homestead and non-homestead classes,  respectively, the total full valuation and total taxable full  valuation  of  the  real property subject to taxation for district purposes in each  city or town or part thereof included within the tax district. The total  full valuation of a class in a city or town or  part  thereof  shall  be  computed  by  dividing  the  total assessed value of the property in the  class by the  state  equalization  rate  or  special  equalization  rate  prescribed  in  section  thirteen  hundred fourteen of this chapter. The  total taxable full valuation of a class  in  a  city  or  town  or  part  thereof  shall  be computed by dividing the total taxable assessed value  of the property in the class by the state equalization rate  or  special  equalization  rate  prescribed  in  section thirteen hundred fourteen of  this chapter.    (b) Aggregate tax district homestead  and  non-homestead  proportions.  The  governing  body  of  the  tax  district  shall  establish by annual  resolution  an  aggregate  tax  district  homestead  proportion  and  an  aggregate  tax  district  non-homestead  proportion.  The  aggregate tax  district  homestead  proportion  shall  be  computed  by  dividing   the  aggregate  taxable  full valuation of the real property in the homestead  class in the tax district as a  whole  by  the  aggregate  taxable  full  valuation  of  the real property in both the homestead and non-homestead  classes in the tax district as  a  whole.  The  aggregate  tax  district  non-homestead  proportion shall be computed by subtracting the aggregate  tax district homestead proportion from the whole number one.    (c) Aggregate homestead and non-homestead tax  shares.  The  governing  body  of  the  tax  district  shall  determine  by annual resolution the  percentage of the tax levy to be allocated to  each  class  in  the  tax  district as a whole by establishing an aggregate homestead tax share and  an  aggregate non-homestead tax share. The aggregate homestead tax share  shall be no less than seventy-five percent and no more than one  hundred  percent  of  the aggregate tax district homestead proportion, subject to  the following constraints:    (i) the aggregate non-homestead tax share shall not exceed one hundred  twenty-five  percent  of  the  aggregate  tax   district   non-homestead  proportion;    (ii) where more than fifty-seven and one-half percent of the aggregate  taxable  full  valuation of the real property in the non-homestead class  in the eligible split tax district which is a school district as a whole  is attributable to non-homestead real property located in  one  or  more  city  or  town approved assessing units which have in effect a local law  adopted pursuant to section nineteen hundred three of this article,  the  aggregate  non-homestead  tax  share  shall not exceed the non-homestead  base proportion,  adjusted  non-homestead  base  proportion  or  locally  adjusted  non-homestead  proportion  certified  pursuant  to subdivision  seven of such section nineteen hundred three or where the eligible split  tax district which is a school district is located in more than one such  city or town, an average of  such  proportions  weighted  by  the  total  taxable  full  valuation of the non-homestead class in each such city or  town or part thereof within the eligible split tax district which  is  a  school district; and    (iii)  the sum of the aggregate homestead and non-homestead tax shares  shall equal one hundred percent.  The governing body of the  tax  district  shall  certify  the  aggregate  homestead  and non-homestead tax shares to the body, officer or employee  that computes the tax district's tax rates.(d) Apportionment  by  class.  The  body,  officer  or  employee  that  computes  the  tax  district's tax rates shall allocate to the homestead  and non-homestead classes in the tax district as a whole,  respectively,  a  share  of  the  amount to be raised equal to the applicable aggregate  homestead  or non-homestead tax share. The amount to be raised from each  such class in the tax district as a  whole  shall  then  be  apportioned  separately  among  the cities or towns or parts thereof in which the tax  district is located in proportion to the percentage that the total  full  valuation  of  the class in each such city or town or part thereof bears  to the aggregate total full valuation of the class in the  tax  district  as a whole. The amount so apportioned to each class in each city or town  shall be the amount to be raised from that class in that city or town.    (e)  Class  tax rates. The body, officer or employee that computes the  tax district's tax rates shall compute a  tax  rate  for  the  homestead  class  and a separate tax rate for the non-homestead class for each city  or town or part thereof in which the tax district is  located.  The  tax  rate  for a class in a city or town or part thereof shall be computed by  dividing the amount to be raised from the class in that city or town  by  the  total  taxable  assessed value of the real property in the class in  that city or town or part thereof as entered  on  the  final  assessment  roll used for the levy of the tax district's taxes.    (f) Correction and review. The equalization and apportionment required  by  this  subdivision  shall  be subject to correction and review to the  extent practicable as provided in section thirteen hundred  fourteen  of  this chapter.    5.  Rescission.  The  governing body of the tax district may rescind a  resolution adopting the provisions of this  section,  without  a  public  hearing,  at  any time prior to the levy of taxes for the fiscal year to  which such resolution is applicable. A copy of such resolution shall  be  filed  with  the  body,  officer  or  employee  that  computes  the  tax  district's tax rates, each assessor who prepares an assessment roll used  in whole or in part for the levy of the tax  district's  taxes  and  the  county director of real property tax services.    6.  Expiration.  A notice of intent shall expire if the governing body  fails to adopt the provisions of this  section  within  one  year  after  filing  the notice of intent. Upon the expiration of a notice of intent,  the classification requirements  of  this  section  shall  cease  to  be  applicable,  but  may  be  reinstated  by  the filing of a new notice of  intent.

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State Codes and Statutes

Statutes > New-york > Rpt > Article-19 > 1903-a 

§  1903-a.  Optional homestead and non-homestead tax rates in eligible  split tax districts. 1. Notice of intent. (a) The governing body  of  an  eligible  split  tax  district  which intends to establish homestead and  non-homestead tax rates shall file  a  notice  of  intent  to  establish  homestead and non-homestead tax rates with each assessor who prepares an  assessment  roll  used in whole or in part for the levy of taxes by such  tax district. The notice shall be filed with each assessor on or  before  the  taxable status date of the first assessment roll to which homestead  and non-homestead tax rates may apply. A copy of the  notice  of  intent  shall  also  be  filed  with  the  county  director of real property tax  services.    (b) The governing body of a school district or village  which  expects  one  or  more  cities  or towns within the school district or village to  adopt local laws pursuant to section  nineteen  hundred  three  of  this  article  and  thereby  render the school district or village an eligible  split  tax  district  and  which  intends  to  establish  homestead  and  non-homestead  tax  rates  is authorized to and shall file the notice of  intent required by paragraph (a) of this subdivision.    (c) The governing body of an eligible split  tax  district  which  has  filed a notice of intent pursuant to this subdivision and which does not  intend  to  establish  homestead  and non-homestead tax rates may cancel  such notice  of  intent,  provided  that  such  cancellation  shall  not  prohibit  a  subsequent  filing  of the notice of intent. A copy of such  cancellation shall be filed with the appropriate  assessors  and  county  director of real property tax services.    2.  Classification  of  assessment rolls; assessor certification. Upon  receiving notice pursuant to  subdivision  one  of  this  section,  each  assessor  who  prepares  an assessment roll used in whole or in part for  the levy of the taxes by such eligible split tax district shall classify  in either the homestead or non-homestead class each property  listed  on  such  roll  or on the part thereof applicable to such tax district. Such  classification  of   individual   properties   shall   be   subject   to  administrative  and  judicial  review pursuant to title one-A of article  five and title one of article seven of this chapter. Upon completion and  filing  of  a  final  assessment  roll  classified  pursuant   to   this  subdivision,  the  assessor  shall certify to the authorities of the tax  district the total assessed value and total taxable  assessed  value  of  the  real  property subject to taxation for purposes of the tax district  in the homestead and non-homestead class,  respectively,  as  determined  from  such  assessment  roll  or  part  thereof  applicable  to  the tax  district. The classification  and  certification  requirements  of  this  subdivision  shall  apply  until the governing body of an eligible split  tax district either cancels the notice of intent to establish  homestead  and  non-homestead tax rates pursuant to subdivision one of this section  or rescinds  a  resolution  adopting  the  provisions  of  this  section  pursuant to subdivision five of this section.    3.  Adoption.  The  governing  body  of an eligible split tax district  which has filed a notice of intent pursuant to subdivision one  of  this  section  may  adopt  the  provisions  of  this  section  by  resolution,  following a public hearing, at  any  time  prior  to  the  levy  of  the  district's  taxes.    Prior notice of such hearing shall be published at  least once in a newspaper having general circulation in the tax district  and shall be provided to the  governing  body  of  each  city  and  town  located  wholly  or  partially within the tax district. Adoption of such  resolution shall require use of homestead and  non-homestead  tax  rates  calculated  pursuant  to  subdivision  four  of  this  section  for  all  subsequent tax levies until such resolution is rescinded as provided  in  subdivision  five  of  this  section. A copy of such resolution shall befiled with the body, officer or employee that computes the tax rates and  the county director of real property tax services.    4.  Calculation  of  tax  rates.  (a)  Equalization  by class. The tax  authorities shall determine for the homestead and non-homestead classes,  respectively, the total full valuation and total taxable full  valuation  of  the  real property subject to taxation for district purposes in each  city or town or part thereof included within the tax district. The total  full valuation of a class in a city or town or  part  thereof  shall  be  computed  by  dividing  the  total assessed value of the property in the  class by the  state  equalization  rate  or  special  equalization  rate  prescribed  in  section  thirteen  hundred fourteen of this chapter. The  total taxable full valuation of a class  in  a  city  or  town  or  part  thereof  shall  be computed by dividing the total taxable assessed value  of the property in the class by the state equalization rate  or  special  equalization  rate  prescribed  in  section thirteen hundred fourteen of  this chapter.    (b) Aggregate tax district homestead  and  non-homestead  proportions.  The  governing  body  of  the  tax  district  shall  establish by annual  resolution  an  aggregate  tax  district  homestead  proportion  and  an  aggregate  tax  district  non-homestead  proportion.  The  aggregate tax  district  homestead  proportion  shall  be  computed  by  dividing   the  aggregate  taxable  full valuation of the real property in the homestead  class in the tax district as a  whole  by  the  aggregate  taxable  full  valuation  of  the real property in both the homestead and non-homestead  classes in the tax district as  a  whole.  The  aggregate  tax  district  non-homestead  proportion shall be computed by subtracting the aggregate  tax district homestead proportion from the whole number one.    (c) Aggregate homestead and non-homestead tax  shares.  The  governing  body  of  the  tax  district  shall  determine  by annual resolution the  percentage of the tax levy to be allocated to  each  class  in  the  tax  district as a whole by establishing an aggregate homestead tax share and  an  aggregate non-homestead tax share. The aggregate homestead tax share  shall be no less than seventy-five percent and no more than one  hundred  percent  of  the aggregate tax district homestead proportion, subject to  the following constraints:    (i) the aggregate non-homestead tax share shall not exceed one hundred  twenty-five  percent  of  the  aggregate  tax   district   non-homestead  proportion;    (ii) where more than fifty-seven and one-half percent of the aggregate  taxable  full  valuation of the real property in the non-homestead class  in the eligible split tax district which is a school district as a whole  is attributable to non-homestead real property located in  one  or  more  city  or  town approved assessing units which have in effect a local law  adopted pursuant to section nineteen hundred three of this article,  the  aggregate  non-homestead  tax  share  shall not exceed the non-homestead  base proportion,  adjusted  non-homestead  base  proportion  or  locally  adjusted  non-homestead  proportion  certified  pursuant  to subdivision  seven of such section nineteen hundred three or where the eligible split  tax district which is a school district is located in more than one such  city or town, an average of  such  proportions  weighted  by  the  total  taxable  full  valuation of the non-homestead class in each such city or  town or part thereof within the eligible split tax district which  is  a  school district; and    (iii)  the sum of the aggregate homestead and non-homestead tax shares  shall equal one hundred percent.  The governing body of the  tax  district  shall  certify  the  aggregate  homestead  and non-homestead tax shares to the body, officer or employee  that computes the tax district's tax rates.(d) Apportionment  by  class.  The  body,  officer  or  employee  that  computes  the  tax  district's tax rates shall allocate to the homestead  and non-homestead classes in the tax district as a whole,  respectively,  a  share  of  the  amount to be raised equal to the applicable aggregate  homestead  or non-homestead tax share. The amount to be raised from each  such class in the tax district as a  whole  shall  then  be  apportioned  separately  among  the cities or towns or parts thereof in which the tax  district is located in proportion to the percentage that the total  full  valuation  of  the class in each such city or town or part thereof bears  to the aggregate total full valuation of the class in the  tax  district  as a whole. The amount so apportioned to each class in each city or town  shall be the amount to be raised from that class in that city or town.    (e)  Class  tax rates. The body, officer or employee that computes the  tax district's tax rates shall compute a  tax  rate  for  the  homestead  class  and a separate tax rate for the non-homestead class for each city  or town or part thereof in which the tax district is  located.  The  tax  rate  for a class in a city or town or part thereof shall be computed by  dividing the amount to be raised from the class in that city or town  by  the  total  taxable  assessed value of the real property in the class in  that city or town or part thereof as entered  on  the  final  assessment  roll used for the levy of the tax district's taxes.    (f) Correction and review. The equalization and apportionment required  by  this  subdivision  shall  be subject to correction and review to the  extent practicable as provided in section thirteen hundred  fourteen  of  this chapter.    5.  Rescission.  The  governing body of the tax district may rescind a  resolution adopting the provisions of this  section,  without  a  public  hearing,  at  any time prior to the levy of taxes for the fiscal year to  which such resolution is applicable. A copy of such resolution shall  be  filed  with  the  body,  officer  or  employee  that  computes  the  tax  district's tax rates, each assessor who prepares an assessment roll used  in whole or in part for the levy of the tax  district's  taxes  and  the  county director of real property tax services.    6.  Expiration.  A notice of intent shall expire if the governing body  fails to adopt the provisions of this  section  within  one  year  after  filing  the notice of intent. Upon the expiration of a notice of intent,  the classification requirements  of  this  section  shall  cease  to  be  applicable,  but  may  be  reinstated  by  the filing of a new notice of  intent.

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