N.Y. Real Property Tax Law § 489-e: Railroad ceiling

§ 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.