(a) The term of such agreement may be indefinite, with an initial period of ten years.

(b) The county shall allocate net collections from its taxes imposed at the rate of one and one-half percent pursuant to the authority of section twelve hundred ten of this article and also from an additional one-eighth of one percent rate of such taxes authorized by such section twelve hundred ten during the entire period in which such additional rate is authorized to the cities, towns and villages in the county (i) on the basis of 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 (the "population method"), or (ii) on the basis of the ratio which the full valuation of real property in each city, town and village bears to the aggregate full valuation of real property in all of the cities, towns and villages in such county (the "full valuation method"), or (iii) on the basis of the two thousand four base amounts described in subdivision (d) of this section, or (iv) on the basis of specific amounts set aside for each city in the county, or (v) on the basis of a combination of such methods, provided, that the county shall apply the population method and the full valuation method uniformly throughout the county.

(c) "Full valuation of real property" may, as an alternative to the definition of such term in subdivision (f) of section twelve hundred sixty-two of this article, be defined to mean the total assessed valuation of real property, including property wholly exempt from taxation, divided by the equalization rate as determined in accordance with article eight of the real property tax law, provided that the county shall apply either such definition uniformly countywide.

(d) The two thousand four base amounts shall mean, in the case of a city, the total amount of net collections the city received from its sales and compensating use taxes in calendar year two thousand four, and, in the case of a town or village, the total amount of net collections that the county allocated to the town or village in calendar year two thousand four.

(e) To the extent that the county uses the full valuation method to determine the amounts of allocations and distributions to be made to the cities, towns and villages, for allocations and distributions to be made in calendar years two thousand six and two thousand seven, the county shall use the final assessment rolls of the cities and towns in the county completed and filed in two thousand four; and, for allocations and distributions to be made in each calendar year of the agreement after two thousand seven, the county shall use the final assessment rolls completed and filed by such cities and towns in the immediately preceding calendar year.

(f) In addition to other payments to be made under the agreement to the two cities in the county, the county may pay amounts to such cities with respect to the months of March and April, two thousand six, to reflect that such cities repealed their sales and compensating use taxes effective March first, two thousand six, in exchange for entering into the agreement with the county.

(g) A review board consisting of the county's director of real property services and two other persons selected by such director and confirmed by the county board of supervisors may adjust the full value of any parcel of wholly exempt real property in the county solely for the purpose of determining the allocations to be made under such agreement. A city, town or village which disagrees with such review board over the adjusted full value of such a parcel of wholly exempt real property located in such municipality may, at its own expense, obtain two independent appraisals of the full value of such parcel; in which case the average of such board's adjusted value and two values determined in such appraisals shall constitute such parcel's full value for such purpose. * NB There are 2 § 1262-r's