N.Y. Real Property Tax Law § 489-mm: Application of railroad ceiling; computation of exemption

§ 489-mm. Application of railroad ceiling; computation of exemption.

1. Upon receipt of a certificate setting forth the railroad ceiling for

a railroad company, the assessor shall compute for his assessing unit

the aggregate of the assessed valuations and portions thereof

attributable to railroad real property of such railroad company for

which a railroad ceiling has been determined. If the aggregate of such

assessed valuations, as so computed, does not exceed the ceiling as set

forth in the certificate for the railroad company, the assessor shall

make no adjustment in such assessed valuations. If, however, the

aggregate of such assessed valuations, as so computed, shall exceed the

amount of such ceiling as set forth in the certificate, such railroad

real property shall be exempt from taxation to the extent of such excess

and the assessor shall forthwith reduce the assessments of such railroad

real property of such railroad company, so that the aggregate of the

taxable assessed valuations of such property shall not exceed such

ceiling; provided, however, that the assessor shall make no adjustment

in such assessed valuations if the company failed for any reason to pay

within thirty days of the date when due the tax levied upon the taxable

portion of the assessment of any railroad real property of the company

set forth on the immediately preceding assessment roll of any assessing

unit unless the payment or enforcement of such tax was restrained or

prohibited by an order issued by a court of competent jurisdiction under

the bankruptcy act of the United States. In reducing such assessments

for the purpose of giving effect to exemptions granted by this title,

the assessor shall distribute such reduction to the parcels affected in

direct proportion to the assessed valuations of such railroad real

property included in the assessment of each parcel as initially

determined by the assessor. The amount so deducted from the assessed

valuation of each parcel shall be set forth on the portion of the

assessment roll provided for property exempt from taxation. The taxable

portion of the assessment remaining on railroad real property shall be

apportioned among the school districts and special districts directly in

proportion to the apportionments of the assessed valuations of such

railroad real property made by the assessor prior to the adjustment for

the exemption resulting from application of the railroad ceiling. All

certificates of railroad ceilings shall be attached to the assessment

roll or filed therewith as provided in article fifteen-C of this

chapter.

2. The assessor is hereby authorized and directed to make the

reductions, if any, provided for in this section on the assessment roll

notwithstanding the fact that he may receive the certificate of the

railroad ceiling after the final completion, verification and filing of

such assessment roll. Other local officers, including school

authorities having custody and control of such roll, are hereby

authorized and directed, on the basis of information which shall be

furnished by the assessor, to make the reductions provided for in this

section.

3. In assessing units for which he is required by law to prepare an

assessment roll, the assessor of a county having a county department of

assessment shall perform all the acts prescribed for an assessor by this

title. Where a village has enacted a local law as provided in

subdivision three of section fourteen hundred two of this chapter, the

assessor of the town or county who prepares a copy of the applicable

part of the town or county assessment roll for village tax purposes

shall also perform the acts prescribed for assessors by this title on

behalf of the village.