2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2-A - (489-A - 489-W) RAILROAD REAL PROPERTY OF INTRASTATE RAILROAD COMPANIES
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.