§ 499-QQQQ — Application of assessment ceiling; computation of exemption

New York § 499-QQQQ

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

Text

* § 499-qqqq. Application of assessment ceiling; computation of\nexemption. 1. Upon receipt of a certificate setting forth the final\ncertified assessment ceiling for local public utility mass real\nproperty, the assessor shall compare the assessed valuations\nattributable to the local public utility mass real property for each\nowner of local public utility mass real property included in the\nassessment ceiling. Where the owner of the local public utility mass\nreal property reports information by specific property identification to\nthe commissioner or the local assessing jurisdiction has implemented a\nsystem by the commissioner standardizing the identity of public utility\nmass real property on assessment rolls, such certified assessment\nceilings shall be provided by the commissioner, as set forth on the\nlocal assessing jurisdiction's assessment rolls. Where the assessed\nvaluation does not exceed the final certified assessment ceiling, as set\nforth in the certificate for the local public utility mass real\nproperty, the assessor need not make any adjustment in such assessed\nvaluation. Provided, however, the assessed valuation exceeds the final\ncertified assessment ceiling, as set forth in the certificate, such\nlocal public utility mass real property shall be exempt from taxation to\nthe extent of such excess and the assessor shall forthwith reduce the\nassessments of such local public utility mass real property, so that the\ntaxable assessed valuation of such property shall not exceed the\ncertified assessment ceiling. All certificates of assessment ceilings\nshall be attached to the assessment roll or filed therewith as provided\nin article fifteen-C of this chapter.\n 2. The assessor is hereby authorized and directed to make the\nreductions, if any, provided for in this section on the assessment roll\nof the local assessing jurisdiction in which the local public utility\nmass real property is located, notwithstanding the fact that he or she\nmay receive the certificate of the assessment ceiling after the final\ncompletion, verification and filing of such assessment roll. Other local\nofficers, including school authorities, applying such final assessment\nroll, are hereby authorized and directed, on the basis of information\nwhich shall be provided by the assessor, to make the reductions provided\nfor in this section on their respective tax rolls prior to levy of tax\nor, if received after the tax rolls have been established, to correct\nany tax levy of local public utility mass real property to reflect such\nreduction. If the reduction is made after the tax levy and payment of\nsame by the owner of local public utility mass real property, then such\nowner of local public utility mass real property shall be entitled to a\nrefund in accordance with section seven hundred twenty-six of this\nchapter.\n 3. In assessing units for which he or she is required by law to\nprepare an assessment roll, the assessor of a county having a county\ndepartment of assessment shall perform all the acts prescribed for an\nassessor by this title. Where a village has enacted a local law as\nprovided in subdivision three of section fourteen hundred two of this\nchapter, the assessor of the town or county who prepares a copy of this\napplicable part of the town or county assessment roll for village tax\npurposes shall also perform the acts prescribed for assessors by this\ntitle on behalf of the village.\n * NB Repealed January 1, 2027\n