§ 1227. Rates for apportionment purposes; full value adjustments. 1.
If a nuclear powered electric generating facility, as defined by section
four hundred eighty-five of this chapter, is exempt from taxation for
all purposes pursuant to section four hundred eighty-five of this
chapter, the facility shall be deemed to be wholly exempt real property
for purposes of this article. If such a facility is not exempt for all
purposes, it shall be deemed to be taxable real property for purposes of
this article.

2. (a) When a nuclear powered electric generating facility is exempt
from taxation for school district purposes pursuant to section four
hundred eighty-five of this chapter, but it is not exempt for all
purposes, the commissioner shall establish a special apportionment rate
for the assessing unit containing the facility, which rate shall be used
for purposes of apportioning school district taxes to that assessing
unit pursuant to section thirteen hundred fourteen of this chapter,
subject to the provisions of paragraph (b) of this subdivision.
Provided, however, that no such rate shall be established unless it
would result in a change of two percent or more in the share of the
school district levy allocated to at least one school district segment,
or where applicable in the share of the non-homestead class levy
allocated to at least one portion.

(b) When there is another such facility located within the same
assessing unit but within a different school district, and such facility
is not exempt from taxation for purposes of that school district, the
commissioner may establish a different special apportionment rate for
purposes of apportioning the taxes of the school district to that
assessing unit.

3. When a nuclear powered electric generating facility is exempt from
taxation for county purposes pursuant to section four hundred
eighty-five of this chapter, but it is not exempt for all purposes, the
commissioner shall establish a special apportionment rate for the
assessing unit containing the facility for purposes of establishing
county equalization rates pursuant to title two of article eight of this
chapter. Provided, however, no such rate shall be established unless it
would result in a change of two percent or more in the share of the
county levy allocated to any city or town within the county, or where
applicable, in the share of the non-homestead class levy allocated to
any portion.

4. When the commissioner has established a special apportionment rate
pursuant to this section, the affected county or school district may
request a full value adjustment from the commissioner. Any such request
must be submitted no later than thirty days prior to the last date set
by law for the first tax levy involving such rate. Where such a request
is granted, the commissioner shall issue a series of full value
adjustments over a five-year period, which shall have the effect of
phasing in over that period the impact of the special apportionment rate
upon the tax levy.