N.Y. Real Property Tax Law § 499-qqqq: Application of assessment ceiling; computation of exemption

* § 499-qqqq. Application of assessment ceiling; computation of

exemption. 1. Upon receipt of a certificate setting forth the final

certified assessment ceiling for local public utility mass real

property, the assessor shall compare the assessed valuations

attributable to the local public utility mass real property for each

owner of local public utility mass real property included in the

assessment ceiling. Where the owner of the local public utility mass

real property reports information by specific property identification to

the commissioner or the local assessing jurisdiction has implemented a

system by the commissioner standardizing the identity of public utility

mass real property on assessment rolls, such certified assessment

ceilings shall be provided by the commissioner, as set forth on the

local assessing jurisdiction's assessment rolls. Where the assessed

valuation does not exceed the final certified assessment ceiling, as set

forth in the certificate for the local public utility mass real

property, the assessor need not make any adjustment in such assessed

valuation. Provided, however, the assessed valuation exceeds the final

certified assessment ceiling, as set forth in the certificate, such

local public utility mass real property shall be exempt from taxation to

the extent of such excess and the assessor shall forthwith reduce the

assessments of such local public utility mass real property, so that the

taxable assessed valuation of such property shall not exceed the

certified assessment ceiling. All certificates of assessment 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

of the local assessing jurisdiction in which the local public utility

mass real property is located, notwithstanding the fact that he or she

may receive the certificate of the assessment ceiling after the final

completion, verification and filing of such assessment roll. Other local

officers, including school authorities, applying such final assessment

roll, are hereby authorized and directed, on the basis of information

which shall be provided by the assessor, to make the reductions provided

for in this section on their respective tax rolls prior to levy of tax

or, if received after the tax rolls have been established, to correct

any tax levy of local public utility mass real property to reflect such

reduction. If the reduction is made after the tax levy and payment of

same by the owner of local public utility mass real property, then such

owner of local public utility mass real property shall be entitled to a

refund in accordance with section seven hundred twenty-six of this

chapter.

3. In assessing units for which he or she 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 this

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.

* NB Repealed January 1, 2031