Section 542. Assessment of state lands; approval thereof

1.  a. Except as
  provided in paragraph b of this  subdivision,  state  lands  subject  to
  taxation  shall  be  valued  as  if  privately  owned  and  assessed  by
  multiplying the value of the lands by the latest state equalization rate
  established for the  assessing  unit  or  a  special  equalization  rate
  established  in  accordance  with  the  provisions  of  paragraph (a) of
  subdivision one of section twelve hundred twenty-two of this chapter.
    b. Where an assessing unit implements a revaluation or  update  on  an
  assessment  roll  completed  on or after January first, nineteen hundred
  ninety-one, state lands subject to taxation in such assessing unit shall
  be valued as if privately owned as of the valuation date  applicable  to
  the revaluation or update and assessed at the same uniform percentage of
  value as other taxable real property in the assessing unit. In each year
  subsequent  to  a revaluation or update, state lands subject to taxation
  in such assessing unit shall be valued as if privately owned and  valued
  as  of  the  valuation  date applicable to the revaluation or update and
  assessed at the same uniform percentage of value as other  taxable  real
  property in the assessing unit.
    2.  In the case of state lands subject to taxation for school purposes
  only, the assessors shall enter the assessments on the  exempt  part  of
  the city or town assessment roll, as the case may be. When preparing the
  appropriate portion of the assessment roll for school district purposes,
  they shall enter such assessments on the taxable part thereof.
    3.  (a)  Not  later than twenty days prior to the date provided by law
  for the completion of the tentative assessment  roll  in  any  assessing
  unit  in  which state lands are subject to taxation, but in no event any
  earlier than the taxable status date for such roll, the  assessor  shall
  notify  the  state  board  of the amount of any assessment of such state
  lands. In the case of a  village  which  has  enacted  a  local  law  as
  provided  in  subdivision  three of section fourteen hundred two of this
  chapter, the town or  county  assessor,  who  prepares  a  copy  of  the
  applicable  part  of  the town or county assessment roll for village tax
  purposes, shall also notify the state board of the amount of such  state
  lands  located  within  the  village. Thereafter and not later than five
  days prior to the last day set by law for the completion  of  the  final
  assessment  roll  each  such  assessment  shall be approved by the state
  board in accordance with subdivision one of this section.
    (b) No such assessment shall be valid  for  any  purpose  without  the
  approval  of  the  state  board,  which approval shall be evidenced by a
  certificate attached to the assessment roll of  the  assessing  unit  or
  copy  of the applicable part thereof used for school district or village
  purposes, when the village is not an assessing unit, or filed  therewith
  in  accordance with section fifteen hundred eighty-four of this chapter.
  Where administrative or judicial proceedings are commenced to review  an
  assessment  approved by the state board, a certificate of approval shall
  not be deemed a waiver of any right to review  of  the  assessment,  nor
  shall such certificate constitute an admission in any such proceeding.
    (c)  Notwithstanding  the  foregoing provisions of this section or any
  general or special law to  the  contrary,  the  total  taxable  assessed
  valuation  of  those  state-owned  wild or forest lands lying within the
  Adirondack park as approved by the state board upon any final assessment
  roll completed, verified and filed in the year nineteen  hundred  sixty,
  shall  not,  upon any assessment roll hereafter completed, or applicable
  part thereof used for village tax purposes where the village is  not  an
  assessing unit, be reduced by the approval of the state board to a total
  amount   less   than  the  total  taxable  assessed  valuation  of  such
  state-owned wild or forest lands within such park  as  approved  by  the
  state  board  upon  the  corresponding  final assessment roll completed,

  verified and filed in the year nineteen hundred sixty as adjusted by the
  state board for  any  change  in  the  level  of  assessment  thereafter
  occurring  as  hereinafter  provided,  and  such  total taxable assessed
  valuation  of  all  state-owned wild or forest lands within such park as
  approved by the state board upon any final  assessment  roll  completed,
  verified  and filed in the year nineteen hundred sixty shall be adjusted
  by the state board upon its own motion or upon the  application  of  the
  assessing  unit, or village which is not an assessing unit, to reflect a
  subsequent increase or decrease in  the  level  of  assessment  for  the
  assessing  unit,  or village which is not an assessing unit, as compared
  with the corresponding final assessment  roll  completed,  verified  and
  filed  in nineteen hundred sixty. "Adirondack park" or "park" as used in
  the last preceding sentence means land lying within the  area  described
  in  subdivision  one of section 9-0101 of the environmental conservation
  law including any future amendments thereto.
    4. Notwithstanding the foregoing provisions of  this  section  or  any
  other  law,  an  assessment  of  state  lands  taxable  pursuant  to the
  provisions of this title acquired by the state prior to the lien date of
  taxes thereon may, at any time within two years from the time  made,  be
  approved  by  the  state  board  in  such  an  amount as will place such
  assessment at the same percentage of full  valuation  as  other  taxable
  real property in the assessing unit at the time the assessment was made.
  Upon  approval of such an assessment of state lands, taxes thereon shall
  be legalized, ratified and confirmed in an amount which would have  been
  payable had such assessment been approved by the state board pursuant to
  subdivision  three  of this section. Such taxes may thereupon be audited
  and paid by the comptroller in the same manner that taxes on such  lands
  would ordinarily be audited and paid.