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

§ 489-ee. Railroad ceiling. 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 average railway revenues and expenses in

accordance with the provisions of section four hundred eighty-nine-ff of

this chapter, (b) a ratio in accordance with the provisions of section

four hundred eighty-nine-gg of this chapter, (c) the economic factor in

accordance with the provisions of section four hundred eighty-nine-hh of

this chapter, and (d) the local reproduction cost in accordance with the

provisions of section four hundred eighty-nine-ii of this chapter;

2. Multiply the local reproduction cost by the economic factor; and

3. Multiply the result of such calculation by the state equalization

rate determined or established in accordance with the provisions of

section four hundred eighty-nine-jj 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 assessment roll is estimated for purposes of the state

equalization rate to be applied in the establishment of the railroad

ceiling.