New York § 489-EE Railroad ceiling

New York Statutes

§ 489-EE — Railroad ceiling

New York § 489-EE

Law RPTReal Property Tax

Title 2-BRailroad Real Property of Interstate Railroad Companies

Art. 4Exemptions

This text of New York § 489-EE (Railroad ceiling) is published on Counsel Stack Legal Research, covering New York primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

N.Y. Real Property Tax § 489-EE (2026).

Text

  § 489-ee. Railroad ceiling. A railroad ceiling for the railroad real\nproperty other than subsidized railroad real property of each railroad\ncompany situated in each assessing unit shall be established annually by\nthe commissioner as follows:\n  1. Determine (a) the average railway revenues and expenses in\naccordance with the provisions of section four hundred eighty-nine-ff of\nthis chapter, (b) a ratio in accordance with the provisions of section\nfour hundred eighty-nine-gg of this chapter, (c) the economic factor in\naccordance with the provisions of section four hundred eighty-nine-hh of\nthis chapter, and (d) the local reproduction cost in accordance with the\nprovisions of section four hundred eighty-nine-ii of this chapter;\n  2. Multiply the local reproduction cost by the eco

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§ 489-ee. Railroad ceiling. A railroad ceiling for the railroad real\nproperty other than subsidized railroad real property of each railroad\ncompany situated in each assessing unit shall be established annually by\nthe commissioner as follows:\n 1. Determine (a) the average railway revenues and expenses in\naccordance with the provisions of section four hundred eighty-nine-ff of\nthis chapter, (b) a ratio in accordance with the provisions of section\nfour hundred eighty-nine-gg of this chapter, (c) the economic factor in\naccordance with the provisions of section four hundred eighty-nine-hh of\nthis chapter, and (d) the local reproduction cost in accordance with the\nprovisions of section four hundred eighty-nine-ii of this chapter;\n 2. Multiply the local reproduction cost by the economic factor; and\n 3. Multiply the result of such calculation by the state equalization\nrate determined or established in accordance with the provisions of\nsection four hundred eighty-nine-jj 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 assessment roll is estimated for purposes of the state\nequalization rate to be applied in the establishment of the railroad\nceiling.\n