§ 489-E — Railroad ceiling

New York § 489-E

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 2-A: Railroad Real Property of Intrastate Railroad Companies
• Art. 4: Exemptions

Text

§ 489-e. Railroad ceiling. For the purpose of determining the extent\nto which railroad real property shall be exempt under this title, a\nrailroad ceiling for the railroad real property other than subsidized\nrailroad real property of each railroad company situated in each\nassessing unit shall be established annually by the commissioner as\nfollows:\n (1) Determine (a) the system reproduction cost in accordance with the\nprovisions of sections four hundred eighty-nine-f and four hundred\neighty-nine-g of this chapter, (b) the average railway earnings in\naccordance with the provisions of sections four hundred eighty-nine-f\nand four hundred eighty-nine-h of this chapter, (c) the earnings ratio\nin accordance with the provisions of section four hundred eighty-nine-i\nof this chapter, (d) the exemption factor in accordance with the\nprovisions of section four hundred eighty-nine-j of this chapter, and\n(e) the local reproduction cost in accordance with the provisions of\nsections four hundred eighty-nine-f and four hundred eighty-nine-k of\nthis chapter;\n (2) Multiply the local reproduction cost by the exemption factor and\nsubtract the result thereof from the local reproduction cost; and\n (3) Multiply the result of such calculations by the state equalization\nrate determined or established in accordance with the provisions of\nsection four hundred eighty-nine-l of this chapter. The result shall be\nthe railroad ceiling.\n (4) Determinations made pursuant to this section shall be based upon\nthe value of the railroad real property as of the rate valuation date\nand ownership of such railroad real property as of the thirty-first day\nof December of the year preceding the year in which the assessment roll\nto which such ceiling assessment will apply is filed in the office of\nthe city or town clerk, except that those determinations shall be based\nupon ownership as of the thirty-first day of December of the second year\npreceding the date required by law for the filing of the final\nassessment roll for purposes of city assessment rolls required to be\nfiled between January first and June first inclusive and for all village\nassessment rolls. As used in this subdivision, the term "rate valuation\ndate" means the date as of which the full value of taxable real property\non an assessement roll is estimated for purposes of the state\nequalization rate to be applied in the establishment of the railroad\nceiling.\n