N.Y. Real Prop. Tax Law § 412-b

§ 412-b. Industrial development agency railroad property. Railroad\nreal property owned by or under the jurisdiction, supervision or control\nof an industrial development agency enumerated in the general municipal\nlaw which is leased by such agency to a railroad company shall be exempt\nfrom taxation to the extent provided in the general municipal law, and\nfrom special ad valorem levies and special assessments to the extent\nthat the assessed valuation of such property exceeds the railroad\nceiling of such property determined in accordance with the earnings\nratio as prescribed in title two-A or two-B of this article on an\nassessment roll finally completed and filed in nineteen hundred\neighty-nine. For assessment rolls completed and filed after nineteen\nhundred eighty-nine, the assessor may adjust the assessment of such\nproperty to account for either physical changes to the property or a\nchange in the level of assessment as determined by the commissioner.\nHowever, following a revaluation or update, the assessor shall assess\nsuch property without regard to the restrictions of this section.\n