1227 - Rates for apportionment purposes; full value adjustments.

§  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  state board 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  state  board  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  state board  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 state board has established a special  apportionment  rate  pursuant  to  this  section,  the affected county or school district may  request a full value adjustment from the state board. 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  state  board  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.