N.Y. Real Property Tax Law § 489-qq: Determination of railroad ceilings for certain railroads in transition

§ 489-qq. Determination of railroad ceilings for certain railroads in

transition. Notwithstanding any other provision of this title, railroad

ceilings established during the first five years in which such ceilings

are made pursuant to this title for railroad real property acquired (a)

from a railroad in reorganization as defined in the regional rail

reorganization act of nineteen hundred seventy-three by a profitable

railroad as defined in that act or by a subsidiary thereof or (b) from

any source or in any manner by any corporation created under or in

compliance with that act or the rail passenger service act of nineteen

hundred seventy shall be established by using an economic factor of

twenty percent and by using, except for property for which local

reproduction cost was not determined prior to the effective date of this

act, the same local reproduction cost as would have been used if

acquisition of the property by the said corporations had not occurred.