If an exemption has once been granted for a business facility
under § 485 of the Real Property Tax Law and the assessors
receive notice that a certificate of eligibility of such facility
has been revoked or modified, they shall redetermine the assessed
value of any such exemption in accordance with such revocation or
modification. If upon such redetermination it appears for a year for
which an exemption has been granted that such facility has been ineligible
or that the assessed value of such exemption as redetermined is less
than the assessed value of such exemption as shown on the assessment
rolls for such year, then a tax shall be levied at the rate of tax
for such year upon so much of the assessed valuation of such exemption,
as shown on such assessment rolls, as may be ineligible or excessive.
Such tax shall be levied as an omitted assessment in the manner provided
in § 550 of the Real Property Tax Law.