§ 847. Alternative county tax apportionment. 1. Notwithstanding the
provisions of section eight hundred forty-four of this title, any county
to which this title is applicable, and which includes a designated large
property, as determined by the commissioner, may provide by annual
resolution, adopted on or before November first of each year, that taxes
to be levied for the upcoming fiscal year shall be apportioned to each
city or town in accordance with the provisions set forth in this
section.

2. A designated large property is real property consisting of one
parcel on an assessment roll or multiple parcels on an assessment roll
under common ownership that meet all of the following criteria:

(a) the large property constitutes five percent or more of the total
assessed value used to establish the latest state equalization rate and
constitutes five percent or more of the total assessed value of a school
district segment of the city or town;

(b) the full value estimate of the large property used by the
commissioner to establish the latest state equalization rate is at least
five million dollars; and

(c) the percentage difference between the latest state equalization
rate and the apportionment equalization rate computed pursuant to
subdivision four of this section is at least five percent.

3. Within five days of the establishment of the latest final state
equalization rate, the commissioner shall notify both the appropriate
county and the assessing unit of such designation. Such notice shall
contain instructions for the apportionment of the tax levy in accordance
with the provisions of subdivision seven of this section and shall
contain an apportionment rate computed in accordance with subdivision
four of this section.

4. The apportionment rate shall be the latest final state equalization
rate, computed exclusive of the total assessed value or full value
estimate of the designated large property.

5. If there is a change in level of assessment between the assessment
roll for which the latest final state equalization rate is established
and the assessment roll upon which the county tax is levied, the
apportionment rate for county tax apportionment purposes shall be
adjusted by multiplying the apportionment rate by the change in level of
assessment.

6. Within five days of receiving notification from the commissioner
that a designated large property exists, the assessor shall certify to
the county the assessed value of the designated large property for the
purpose of apportioning and levying taxes. A copy of such certificate
shall also be provided to the commissioner.

7. The county shall apportion and levy its taxes as follows:

(a) The tax shall be apportioned in accordance with the provisions of
this title.

(b) The amount of tax to be raised from the designated large property
shall be determined by multiplying the appropriate assessed value tax
rate determined in accordance with paragraph (a) of this subdivision by
the taxable assessed value of the designated large property within the
county. This shall be the amount of the tax levied upon the designated
large property.

(c) The amount of tax for the designated large property determined in
paragraph (b) of this subdivision shall be subtracted from the total
amount of real property tax to be raised throughout the county.

(d) The resulting tax levy from paragraph (c) of this subdivision
shall be reapportioned among all other property within the county,
exclusive of the designated large property. This reapportionment shall
be done in accordance with this title, except that:

(i) The assessed value of the designated large property shall be
subtracted from the assessed value of the appropriate city or town
segment used in the initial apportionment of the tax in paragraph (a) of
this subdivision.

(ii) The apportionment rate shall be used for the city or town
containing the designated large property.

(iii) For all cities and towns not containing the designated large
property, the assessed values and equalization rates shall be the same
amounts used in paragraph (a) of this subdivision.

(e) Separate assessed value tax rates shall be determined for the
designated large property and the other property within the city or town
where the designated large property is located.

(f) In the event that there are multiple designated large properties
within the county, the amount of tax to be levied upon each designated
large property to be determined in paragraph (b) of this subdivision
shall be summed and treated as one amount for determining the amount of
tax to be raised from the remaining property in paragraph (c) of this
subdivision.