2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 2-B - (489-AA - 489-SS) RAILROAD REAL PROPERTY OF INTERSTATE RAILROAD COMPANIES
489-EE - Railroad ceiling.

  489-ee.  Railroad ceiling. A railroad ceiling for the railroad real
  property other than subsidized railroad real property of  each  railroad
  company situated in each assessing unit shall be established annually by
  the commissioner as follows:
1.  Determine  (a)  the  average  railway  revenues  and  expenses  in
  accordance with the provisions of section four hundred eighty-nine-ff of
  this chapter, (b) a ratio in accordance with the provisions  of  section
  four  hundred eighty-nine-gg of this chapter, (c) the economic factor in
  accordance with the provisions of section four hundred eighty-nine-hh of
  this chapter, and (d) the local reproduction cost in accordance with the
  provisions of section four hundred eighty-nine-ii of this chapter;
2. Multiply the local reproduction cost by the economic factor; and
3. Multiply the result of such calculation by the  state  equalization
  rate  determined  or  established  in  accordance with the provisions of
  section four hundred eighty-nine-jj of this chapter. The result shall be
  the railroad ceiling.
4. Determinations made pursuant to this section shall  be  based  upon
  the  value  of  the railroad real property as of the rate valuation date
  and ownership of such railroad real property as of the thirty-first  day
  of  December of the year preceding the year in which the assessment roll
  to which such ceiling assessment will apply is filed in  the  office  of
  the  city or town clerk, except that those determinations shall be based
  upon ownership as of the thirty-first day of December of the second year
  preceding the  date  required  by  law  for  the  filing  of  the  final
  assessment  roll  for  purposes  of city assessment rolls required to be
  filed between January first and June first inclusive and for all village
  assessment rolls. As used in this subdivision, the term "rate  valuation
  date" means the date as of which the full value of taxable real property
  on   an   assessment  roll  is  estimated  for  purposes  of  the  state
  equalization rate to be applied in the  establishment  of  the  railroad
  ceiling.