Section 1316. Alternative school tax apportionment

1. Notwithstanding the
  provisions of section thirteen  hundred  fourteen  of  this  article,  a
  school  district located in more than one city or town, which includes a
  designated large property, as determined by the state board, may provide
  by annual resolution, adopted no later than ten days prior to  the  last
  day  provided  by law for the levy of school taxes, that school taxes to
  be levied for the fiscal year commencing July first  of  the  same  year
  shall  be apportioned to each city or town or part thereof 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  state
  board  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  state  board shall notify both the appropriate
  school district 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 of two percent or more
  between  the  assessment  roll  for  which  the   latest   final   state
  equalization  rate is established and the assessment roll upon which the
  school tax is levied, then the apportionment rate  for  school  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 state board
  that a designated large property exists, the assessor shall  certify  to
  the  school district 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 state board.
    7. The school district shall apportion and levy its taxes as follows:
    (a)  The tax shall be apportioned in accordance with the provisions of
  section thirteen hundred fourteen of this article.
    (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
  school district. This shall be the amount of the  tax  levied  upon  the
  designated large property.
    (c)  The  amount of tax for the 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 school district.
    (d)  The  resulting  tax  levy  from paragraph (c) of this subdivision
  shall be reapportioned  among  all  other  property  within  the  taxing
  jurisdiction,   exclusive   of   the  designated  large  property.  This

  reapportionment shall  be  done  in  accordance  with  section  thirteen
  hundred fourteen of this article, 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  will  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 school district, the amount of tax to  be  levied  upon  each
  large  property,  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.