Section 847. Alternative county tax apportionment

1. Notwithstanding the
  provisions of section eight hundred forty-four of this title, any county
  to which this title is applicable, and which includes a designated large
  property, as determined by  the  state  board,  may  provide  by  annual
  resolution, adopted on or before November first of each year, that taxes
  to  be  levied for the upcoming fiscal year shall be apportioned to each
  city or town 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
  county  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 between the assessment
  roll for which the latest final state equalization rate  is  established
  and  the  assessment  roll  upon  which  the  county  tax is levied, the
  apportionment rate  for  county  tax  apportionment  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  county  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 county shall apportion and levy its taxes as follows:
    (a)  The tax shall be apportioned in accordance with the provisions of
  this title.
    (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
  county. This shall be the amount of the tax levied upon  the  designated
  large property.
    (c)  The amount of tax for the designated 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 county.
    (d)  The  resulting  tax  levy  from paragraph (c) of this subdivision
  shall be reapportioned among  all  other  property  within  the  county,
  exclusive  of  the designated large property. This reapportionment shall
  be done in accordance with this title, 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  shall  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 county, the amount of tax to be levied upon  each  designated
  large  property  to  be  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.