§ 15-2115. Taxation of real estate.

Lands owned by the state and acquired pursuant to the provisions of
title 21 of this article, exclusive of the improvements erected thereon
by the regulating districts, shall be assessed and taxed in the same
manner as state lands subject to taxation pursuant to title 2 of article
5 of the Real Property Tax Law, provided, however, that the aggregate
assessed valuations of such lands in any town shall not be reduced below
the aggregate assessed valuations thereof with the improvements thereon
at the time of their acquisition by the regulating districts, and
provided further that in case of a general increase in assessments in
any town the assessed valuations of the lands and improvements at the
time of their acquisition by the regulating districts shall be deemed to
have been increased proportionately with the increase of other real
property in such tax district.