The Text

The debt limitation of a city or county, or the limitation on the amount which the city or county is authorized to raise annually for city or county purposes, as prescribed by section ten of this article, shall not be affected by reason of a change in the system of taxation, or in the definition of real estate or real property, whereby real estate then subject to taxation in such city or county shall be exempted from taxation or be taxed otherwise than on its assessment-rolls; but the valuation of such real estate as it last appeared on such assessment-rolls shall continue to be a part of the base on which the debt limitation, or on which the limitation on the amount which the city or county is authorized to raise annually for city or county purposes, shall be calculated. The legislature in its discretion may confer appropriate jurisdiction on the appellate divisions in the several judicial departments for the purpose of determining the real estate in any city or village, which is so exempted or otherwise taxed, and the value thereof.