§ 499-KKKK — Assessment ceiling

New York § 499-KKKK

• Jurisdiction: New York
• Law RPT: Real Property Tax
• Title 5: Assessment Ceilings For Local Public Utility Mass Real Property
• Art. 4: Exemptions

Text

* § 499-kkkk. Assessment ceiling. 1. To determine the extent to which\nlocal public utility mass real property shall be exempt under this\ntitle, an assessment ceiling for the local public utility mass real\nproperty shall be established annually by the commissioner as follows:\n (a) Determine: (i) the local public utility mass real property value\nin accordance with the provisions of section four hundred\nninety-nine-mmmm of this title; and (ii) the equalization rate factor\nfor the local public utility mass real property in accordance with the\nprovisions of section four hundred ninety-nine-nnnn of this title.\n (b) Multiply the local public utility mass real property value by the\nequalization rate factor.\n The result shall be the assessment ceiling.\n 2. The valuation date for all local public utility mass real property\nshall be January first of the year preceding the year in which the\nassessment roll on which such property is to be assessed, completed and\nfiled in the office of the city or town clerk. The taxable status for\nall local public utility mass real property shall be based upon its\ncondition and ownership as of the taxable status date applicable to the\nassessment roll on which it is to appear.\n 3. (a) For assessment rolls with taxable status dates in each of the\nthree calendar years including and following the year in which this\nsection shall take effect, the commissioner shall establish no\nassessment ceiling that is less than ninety percent or more than one\nhundred ten percent of the assessment of such local public utility mass\nreal property appearing on the municipal assessment roll with a taxable\nstatus date occurring in the second preceding calendar year from when\nthis section shall take effect, except that the commissioner may\nestablish assessment ceilings below the ninety percent level or above\nthe one hundred ten percent level to take into account any change in\nlevel of assessment and/or to take into account any additions or\nretirements to public utility mass real property or litigation affecting\nthe value or taxable status of the local public utility mass real\nproperty initiated prior to the effective date of this section.\n (b) For assessment rolls with taxable status dates in the years two\nthousand eighteen, two thousand nineteen and two thousand twenty, the\ncommissioner shall establish no assessment ceiling that is below the\nlower limit or above the upper limit specified in this paragraph, except\nthat the commissioner may establish assessment ceilings below such lower\nlimit or above such upper limit to take into account any change in level\nof assessment and/or to take into account any additions or retirements\nto public utility mass real property or litigation affecting the value\nor taxable status of the local public utility mass real property\ninitiated prior to the effective date of this section.\n (i) For assessment rolls with taxable status dates in two thousand\neighteen, the assessment ceiling shall not be less than seventy-five\npercent or more than one hundred twenty-five percent of the assessment\nof such local public utility mass real property appearing on the\nmunicipal assessment roll with a taxable status date occurring in the\nyear two thousand thirteen.\n (ii) For assessment rolls with taxable status dates in two thousand\nnineteen, the assessment ceiling shall not be less than fifty percent or\nmore than one hundred fifty percent of the assessment of such local\npublic utility mass real property appearing on the municipal assessment\nroll with a taxable status date occurring in the year two thousand\nthirteen.\n (iii) For assessment rolls with taxable status dates in two thousand\ntwenty, the assessment ceiling shall not be less than twenty-five\npercent or more than one hundred seventy-five percent of the assessment\nof such local public utility mass real property appearing on the\nmunicipal assessment roll with a taxable status date occurring in the\nyear two thousand thirteen.\n * NB Repealed January 1, 2027\n