Section 3-B. Limitation on real estate tax in New York city

1. The amount
  to be raised by tax on real estate in any fiscal year commencing  on  or
  after  July  first,  nineteen hundred fifty-four by the city of New York
  and the counties contained therein for  city  and  county  purposes,  in
  addition  to  providing  for  the  interest  on and the principal of all
  indebtedness, shall not, except as otherwise provided herein, exceed  an
  amount  equal  to a combined total of two and one-half per centum of the
  average full valuation of taxable real estate  of  such  city  less  the
  amount  to  be raised by tax on real estate in such year for the payment
  of the interest on and redemption of certificates or other  evidence  of
  indebtedness  described in paragraphs A and D of section five of article
  eight of the constitution, or renewals thereof; provided, however,  that
  for  the fiscal year commencing July first, nineteen hundred fifty-three
  the amount to be so raised by tax as provided in this section  shall  be
  not in excess of a combined total of two per centum computed as provided
  herein plus fifty million dollars. The average full valuation of taxable
  real  estate of such city shall be determined as provided by section ten
  of article eight of the constitution.
    2. Notwithstanding the provisions of subdivision one of this  section,
  if any railroad, as defined in the rapid transit law, is operated by the
  board  of  transportation  or any other agency, except the New York city
  transit authority created  pursuant  to  title  fifteen  of  the  public
  authorities  law,  on  or after July first in any year, the amount to be
  raised by tax as provided in subdivision one of this section  shall  not
  be  in  excess  of a combined total percentage of two per centum for the
  city's fiscal year commencing July first in such year and no more.    In
  addition,  for  the  fiscal year commencing July first, nineteen hundred
  fifty-three,  this  further  limitation  to  two  per  centum  with   no
  additional  amount, as set forth in this subdivision, shall apply unless
  the board of estimate shall have entered into an agreement  pursuant  to
  the   provisions  of  section  eighteen  hundred  three  of  the  public
  authorities law, as amended, on or before June first,  nineteen  hundred
  fifty-three  with  such  authority  to transfer to it transit facilities
  owned by the city, and such transfer is completed prior to  July  first,
  nineteen hundred fifty-three.