N.Y. Real Property Tax Law § 489-k: Unadjusted local reproduction cost and local reproduction cost

§ 489-k. Unadjusted local reproduction cost and local reproduction

cost. 1. The commissioner shall determine the unadjusted local

reproduction cost for each railroad company in each assessing unit as

follows:

(a) Ascertain in each assessing unit the cost of reproduction new less

depreciation of the railroad real property other than land;

(b) Ascertain in each assessing unit the value of the land portion of

railroad real property and the value of rights in land in, above and

under any public street, highway or parkway used by such railroad

company;

(c) Add the amounts ascertained under (a) and (b) above for each

assessing unit. The result shall be the unadjusted local reproduction

cost.

2. The commissioner shall determine the local reproduction cost for

each railroad company in each assessing unit as follows:

(a) Compute the ratio of the total amount included in the system

reproduction cost of such railroad company on account of the property

included in the unadjusted local reproduction costs for all assessing

units to the aggregate of the unadjusted local reproduction costs for

all assessing units for such railroad company;

(b) Multiply the unadjusted local reproduction cost for each assessing

unit by the ratio computed in (a) above. The result shall be the local

reproduction cost.

3. In making determinations under this section, the commissioner shall

classify the real property of each railroad company as between

transportation or non-transportation so far as may be practicable.

4. In ascertaining depreciation of property under this section,

consideration may be given to physical condition, average service lives

of groups of property and other factors, which, however, shall not

include earnings.

5. As used in this section, the term "value of land" means the value

of similar land in the immediate vicinity used for other than railroad

transportation purposes and the term "value of rights in land in, above

and under any public street, highway or parkway" means ten per cent of

the value of land in the immediate vicinity used for other than railroad

transportation purposes.

6. The determinations made under this section shall reflect so far as

may be practicable the status of the property as of December

thirty-first of the preceding year.

7. In making determinations under this section, the commissioner shall

consider the information contained in accounts maintained pursuant to

the uniform system of accounts for railroad companies prescribed by the

interstate commerce commission and in the publication entitled "Elements

of Value or Property Used in Common Carrier Service" then most recently

issued or made available by the bureau of accounts, cost finding and

valuation of the interstate commerce commission. The commissioner may

consider information available from the commissioner of transportation

and from other sources, including reports required pursuant to section

four hundred eighty-nine-q, and such other information on the subject as

may be available to it.