N.Y. Real Property Tax Law § 489-f: Relationships among elements used in computation of railroad ceiling

§ 489-f. Relationships among elements used in computation of railroad

ceiling. In order to effectuate the legislative policy that the amount

of exemptions from real property taxation granted to railroads should be

related to their individual rates of earnings, and in order to provide a

uniform and equitable method for implementing this policy, the

commissioner shall establish and maintain relationships among system

reproduction cost, railway earnings, local reproduction cost and the

state equalization rates, so that:

(1) System reproduction cost, local reproduction cost and the state

equalization rates shall be based so far as may be practicable upon the

same period price levels;

(2) System reproduction cost shall include so far as may be

practicable the property constituting the railroad system from which the

railway earnings were derived for the latest year included in the

average railway earnings; and

(3) The aggregate of the local reproduction cost of each railroad

company shall approximate the amount included in the system reproduction

cost of such railroad company on account of the property included in

such local reproduction costs so far as may be practicable.