§ 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.