§ 485. Nuclear powered electric generating facilities. 1. Nuclear\npowered electric generating facilities shall be exempt from taxation,\nspecial ad valorem levies and special assessments to the extent provided\nin section four hundred ninety of this article upon the adoption of a\nlocal law granting such exemption by the legislative body of the county,\ncity, town or village in which such a facility is located or by\nresolution following a public hearing of the governing body of the\nschool district in which such facility or facilities are located,\nprovided the taxing district may only exempt the facility from real\nproperty taxes imposed by the taxing district granting the exemption.\nThe local law or resolution shall state the date on which such exemption\nshall commence. A copy of such local law or resolution shall be filed no\nlater than thirty days after the adoption thereof with the clerk of each\nmunicipal corporation in which the facility is located and with the\ncommissioner. For purposes of this section, nuclear powered electric\ngenerating facility shall mean a facility that generates or formerly\ngenerated electricity using nuclear power for sale, directly or\nindirectly, to the public, including the land upon which the facility is\nlocated, any equipment used in such generation, and equipment leading\nfrom the facility to the interconnection with the electric transmission\nsystem, but shall not include any equipment in the electric transmission\nsystem.\n 2. (a) If a taxing district and an owner of a nuclear powered electric\ngenerating facility have not signed an agreement for payments in lieu of\ntaxes by the date specified in the resolution or local law, or if an\nowner and a taxing district agree to cancel such an agreement, or if\nsuch an agreement does not apply to an assessment roll upon which a\nfacility is wholly exempt from taxation pursuant to this section, the\nowner of such facility shall be obliged to make payments in lieu of\ntaxes in the base amount, or in the base amount as adjusted pursuant to\nthe provisions of paragraph (c) of this subdivision.\n (b) The base amount shall be the taxes levied against the facility on\nthe last assessment roll on which the facility was assessed as taxable\nreal property, or in the case of a special district, the special ad\nvalorem levies or special assessments levied against or charged to the\nfacility on that assessment roll. However, if no taxes or special ad\nvalorem levies were or will be levied against the facility within one\nyear of the effective date of the local law or resolution authorizing\nthe exemption, the base amount shall be the taxes or special ad valorem\nlevies that would have been levied against the facility on the\nassessment roll based on the first taxable status date occurring on or\nbefore the effective date of the local law or resolution, assuming that\nthe facility had been taxable on that assessment roll, and that the\napplicable tax rate had been determined accordingly. For purposes of\nthis section, the assessment roll which is used to determine the base\namount pursuant to this paragraph shall be referred to as the "base\nassessment roll."\n (c) The base amount for payments on the current assessment roll shall\nbe adjusted as follows:\n (i) by the percentage change between the assessment of the facility on\nthe current roll and on the base assessment roll, adjusted for any\nchange in level of assessment as defined in section twelve hundred of\nthis chapter;\n (ii) in the case of a municipal corporation, by the percentage change\nbetween the total amount of taxes levied against all taxable real\nproperty on the current roll and on the base assessment roll by that\nmunicipal corporation;\n (iii) in the case of a special district, by the percentage change\nbetween the total amount of special ad valorem levies and special\nassessments imposed against all taxable real property on the current\nroll and on the base assessment roll b
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