N.Y. Real Property Tax Law § 499-llll: Local public utility mass real property value

* § 499-llll. Local public utility mass real property value. The

commissioner shall compute the local public utility mass real property

value as follows:

1. The local reproduction cost of the public utility mass real

property of each public utility mass real property owner in every

assessing unit is the cost of reproduction, less depreciation of that

public utility mass real property.

2. In ascertaining depreciation of property under this section,

consideration may be given to the age, physical condition, average

service lives of assets and other relevant factors.

3. Adjustments for economic or functional obsolescence shall only be

made upon application by a public utility mass real property owner.

Every such application shall be submitted with the annual report

required by section four hundred ninety-nine-rrrr of this title.

* NB Repealed January 1, 2031