N.Y. Tax Law § 1262-D
Notwithstanding any other provision of this chapter to the contrary, the net collections from a tax imposed by Albany county pursuant to this article set aside for allocation and distribution to the towns and villages therein shall be distributed between such towns and villages where any such village has elected or hereafter elects to take its share in cash, directly in proportion to their respective populations determined in accordance with the latest decennial federal census or special population census taken pursuant to section twenty of the general municipal law completed and published prior to the end of the quarter for which the allocation is made, which special census must include the entire area of the county, except that in the towns of Colonie and Coeymans, the amount to be paid to each village therein shall be determined by the ratio that the full valuation of real property in each such village within said town bears to the full valuation of real property in the entire town as set forth in subdivision (c) of section twelve hundred sixty-two of this chapter; provided, however, that commencing with the July, nineteen hundred eighty-one quarterly distribution, one-eighth of the amount of such net collections allocated to the town of Colonie and each successive quarter thereafter, cumulatively, an additional one-eighth part of each such quarterly town allocation shall be distributed between such village or villages and the town of Colonie in proportion to their respective full valuations of real property, with the remainder of each such town quarterly allocation through and including that distributable in January, nineteen hundred eighty-three, being an evenly declining portion of each such quarterly allocation, to be distributed in proportion to population as hereinbefore set forth for the remainder of Albany county, so that the April, nineteen hundred eighty-three quarterly allocation to the town of Colonie and those allocations thereafter received shall be divided between said town and the villages therein solely in proportion to their respective full valuations of real property as provided herein.
N.Y. Tax Law § 1262-D