§ 489-HH — Economic factor

New York § 489-HH

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

Text

§ 489-hh. Economic factor. (a) In accordance with the policy of\nreflecting the effect of the rate of earnings of a railroad company upon\nthe taxable value of its railroad property, an economic factor for each\nrailroad company shall be determined in relation to its ratio computed\npursuant to section four hundred eighty-nine-gg of this title. The said\neconomic factor shall be twenty percent if the ratio is one or more,\nforty percent if the ratio is nine-tenths and one hundred percent if the\nratio is three-fourths or less. The said economic factor shall be\ndetermined by interpolation to the nearest tenth of one percent if the\nratio is between one and nine-tenths or between nine-tenths and\nthree-fourths.\n (b) Notwithstanding the provisions of subdivision (a) of this section,\nfor purposes of determining railroad ceilings for interstate railroads\nfor assessment rolls completed in two thousand three and thereafter, the\npercentage indicated opposite the ratio in the table in this subdivision\nshall be the economic factor. If the ratio does not coincide with a\nspecific rate indicated in the table in this subdivision, the economic\nfactor for such company shall be determined by interpolation to the\nnearest tenth of one percent.\n Ratio Economic Factor\n (Percent)\n .60 100\n .65 85\n .70 70\n .75 60\n .80 50\n .85 40\n .90 30\n .95 20\n 1.00 15\n (c) Notwithstanding the provisions of subdivision (b) of this section,\nwhenever it shall appear that an economic factor is increasing more than\none-tenth from the economic factor established in the prior year, such\nincrease may not exceed one-tenth.\n