Section 412-B. Industrial development agency railroad property

Railroad
  real property owned by or under the jurisdiction, supervision or control
  of an industrial development agency enumerated in the general  municipal
  law which is leased by such agency to a railroad company shall be exempt
  from  taxation  to the extent provided in the general municipal law, and
  from special ad valorem levies and special  assessments  to  the  extent
  that  the  assessed  valuation  of  such  property  exceeds the railroad
  ceiling of such property determined  in  accordance  with  the  earnings
  ratio  as  prescribed  in  title  two-A  or  two-B of this article on an
  assessment  roll  finally  completed  and  filed  in  nineteen   hundred
  eighty-nine.  For  assessment  rolls  completed and filed after nineteen
  hundred eighty-nine, the assessor may  adjust  the  assessment  of  such
  property  to  account  for  either physical changes to the property or a
  change in the level of assessment as  determined  by  the  state  board.
  However,  following  a  revaluation or update, the assessor shall assess
  such property without regard to the restrictions of this section.