§ 489-MM — Application of railroad ceiling; computation of exemption

New York § 489-MM

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

Text

§ 489-mm. Application of railroad ceiling; computation of exemption.\n1. Upon receipt of a certificate setting forth the railroad ceiling for\na railroad company, the assessor shall compute for his assessing unit\nthe aggregate of the assessed valuations and portions thereof\nattributable to railroad real property of such railroad company for\nwhich a railroad ceiling has been determined. If the aggregate of such\nassessed valuations, as so computed, does not exceed the ceiling as set\nforth in the certificate for the railroad company, the assessor shall\nmake no adjustment in such assessed valuations. If, however, the\naggregate of such assessed valuations, as so computed, shall exceed the\namount of such ceiling as set forth in the certificate, such railroad\nreal property shall be exempt from taxation to the extent of such excess\nand the assessor shall forthwith reduce the assessments of such railroad\nreal property of such railroad company, so that the aggregate of the\ntaxable assessed valuations of such property shall not exceed such\nceiling; provided, however, that the assessor shall make no adjustment\nin such assessed valuations if the company failed for any reason to pay\nwithin thirty days of the date when due the tax levied upon the taxable\nportion of the assessment of any railroad real property of the company\nset forth on the immediately preceding assessment roll of any assessing\nunit unless the payment or enforcement of such tax was restrained or\nprohibited by an order issued by a court of competent jurisdiction under\nthe bankruptcy act of the United States. In reducing such assessments\nfor the purpose of giving effect to exemptions granted by this title,\nthe assessor shall distribute such reduction to the parcels affected in\ndirect proportion to the assessed valuations of such railroad real\nproperty included in the assessment of each parcel as initially\ndetermined by the assessor. The amount so deducted from the assessed\nvaluation of each parcel shall be set forth on the portion of the\nassessment roll provided for property exempt from taxation. The taxable\nportion of the assessment remaining on railroad real property shall be\napportioned among the school districts and special districts directly in\nproportion to the apportionments of the assessed valuations of such\nrailroad real property made by the assessor prior to the adjustment for\nthe exemption resulting from application of the railroad ceiling. All\ncertificates of railroad ceilings shall be attached to the assessment\nroll or filed therewith as provided in article fifteen-C of this\nchapter.\n 2. The assessor is hereby authorized and directed to make the\nreductions, if any, provided for in this section on the assessment roll\nnotwithstanding the fact that he may receive the certificate of the\nrailroad ceiling after the final completion, verification and filing of\nsuch assessment roll. Other local officers, including school\nauthorities having custody and control of such roll, are hereby\nauthorized and directed, on the basis of information which shall be\nfurnished by the assessor, to make the reductions provided for in this\nsection.\n 3. In assessing units for which he is required by law to prepare an\nassessment roll, the assessor of a county having a county department of\nassessment shall perform all the acts prescribed for an assessor by this\ntitle. Where a village has enacted a local law as provided in\nsubdivision three of section fourteen hundred two of this chapter, the\nassessor of the town or county who prepares a copy of the applicable\npart of the town or county assessment roll for village tax purposes\nshall also perform the acts prescribed for assessors by this title on\nbehalf of the village.\n