N.Y. Real Property Tax Law § 489-E
Railroad ceiling
New York · New York Real Property Tax Law · Status: effective · Effective 2014-09-22
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- N.Y. Real Property Tax Law § 489-E, Railroad ceiling, New York, version 1 as recorded 2026-07-25, yourstate.us, https://yourstate.us/provision/1127922
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Full text
§ 489-e. Railroad ceiling. For the purpose of determining the extent
to which railroad real property shall be exempt under this title, a
railroad ceiling for the railroad real property other than subsidized
railroad real property of each railroad company situated in each
assessing unit shall be established annually by the commissioner as
follows:
(1) Determine (a) the system reproduction cost in accordance with the
provisions of sections four hundred eighty-nine-f and four hundred
eighty-nine-g of this chapter, (b) the average railway earnings in
accordance with the provisions of sections four hundred eighty-nine-f
and four hundred eighty-nine-h of this chapter, (c) the earnings ratio
in accordance with the provisions of section four hundred eighty-nine-i
of this chapter, (d) the exemption factor in accordance with the
provisions of section four hundred eighty-nine-j of this chapter, and
(e) the local reproduction cost in accordance with the provisions of
sections four hundred eighty-nine-f and four hundred eighty-nine-k of
this chapter;
(2) Multiply the local reproduction cost by the exemption factor and
subtract the result thereof from the local reproduction cost; and
(3) Multiply the result of such calculations by the state equalization
rate determined or established in accordance with the provisions of
section four hundred eighty-nine-l of this chapter. The result shall be
the railroad ceiling.
(4) Determinations made pursuant to this section shall be based upon
the value of the railroad real property as of the rate valuation date
and ownership of such railroad real property as of the thirty-first day
of December of the year preceding the year in which the assessment roll
to which such ceiling assessment will apply is filed in the office of
the city or town clerk, except that those determinations shall be based
upon ownership as of the thirty-first day of December of the second year
preceding the date required by law for the filing of the final
assessment roll for purposes of city assessment rolls required to be
filed between January first and June first inclusive and for all village
assessment rolls. As used in this subdivision, the term "rate valuation
date" means the date as of which the full value of taxable real property
on an assessement roll is estimated for purposes of the state
equalization rate to be applied in the establishment of the railroad
ceiling.