N.Y. Real Property Tax Law § 412-b: Industrial development agency railroad property

§ 412-b. Industrial development agency railroad property. Railroad

real property owned by or under the jurisdiction, supervision or control

of an industrial development agency enumerated in the general municipal

law which is leased by such agency to a railroad company shall be exempt

from taxation to the extent provided in the general municipal law, and

from special ad valorem levies and special assessments to the extent

that the assessed valuation of such property exceeds the railroad

ceiling of such property determined in accordance with the earnings

ratio as prescribed in title two-A or two-B of this article on an

assessment roll finally completed and filed in nineteen hundred

eighty-nine. For assessment rolls completed and filed after nineteen

hundred eighty-nine, the assessor may adjust the assessment of such

property to account for either physical changes to the property or a

change in the level of assessment as determined by the commissioner.

However, following a revaluation or update, the assessor shall assess

such property without regard to the restrictions of this section.