N.Y. Real Property Tax Law § 476-a: Railroad passenger stations

§ 476-a. Railroad passenger stations. Each railroad passenger station

in a city having a population of more than one million, including the

railroad passenger terminal facilities used in connection with such

passenger station, and the railroad roadway approaches to such station

(including land, tracks, signals, bridges, tunnels and other roadway

structures and facilities) situated within five miles of the mid-point

of such passenger station as located on March first, nineteen hundred

sixty-five, at which not less than seventy-five percent of the passenger

trains using such station utilized by the railroad or railroads using

such station originate and terminate at such station, shall be exempt

from taxation, provided that no portion of such station, terminal

facilities, or approaches is regularly used in freight service. The

exemptions provided by the preceding sentence shall not apply to any

railroad for which the commissioner has, pursuant to the provisions of

section four hundred eighty-nine-i of this chapter, determined an

earnings ratio in excess of two and one-half percent.