2016 New York Laws
RPT - Real Property Tax
Article 4 - EXEMPTIONS
Title 5 - (499-HHHH - 499-SSSS) ASSESSMENT CEILINGS FOR LOCAL PUBLIC UTILITY MASS REAL PROPERTY
499-KKKK - Assessment ceiling.

*   499-kkkk. Assessment ceiling. 1. To determine the extent to which
  local public utility mass real  property  shall  be  exempt  under  this
  title,  an  assessment  ceiling  for  the local public utility mass real
  property shall be established annually by the commissioner as follows:
(a) Determine: (i) the local public utility mass real  property  value
  in   accordance   with   the   provisions   of   section   four  hundred
  ninety-nine-mmmm of this title; and (ii) the  equalization  rate  factor
  for  the  local public utility mass real property in accordance with the
  provisions of section four hundred ninety-nine-nnnn of this title.
(b) Multiply the local public utility mass real property value by  the
  equalization rate factor.
The result shall be the assessment ceiling.
2.  The valuation date for all local public utility mass real property
  shall be January first of the year  preceding  the  year  in  which  the
  assessment  roll on which such property is to be assessed, completed and
  filed in the office of the city or town clerk. The  taxable  status  for
  all  local  public  utility  mass  real property shall be based upon its
  condition and ownership as of the taxable status date applicable to  the
  assessment roll on which it is to appear.
3. For assessment rolls with taxable status dates in each of the three
  calendar  years  including  and following the year in which this section
  shall take  effect,  the  commissioner  shall  establish  no  assessment
  ceiling  that  is  less than ninety percent or more than one hundred ten
  percent of the  assessment  of  such  local  public  utility  mass  real
  property  appearing  on  the  municipal  assessment  roll with a taxable
  status date occurring in the second preceding calendar  year  from  when
  this  section  shall  take  effect,  except  that  the  commissioner may
  establish assessment ceilings below the ninety percent  level  or  above
  the  one  hundred  ten  percent level to take into account any change in
  level of assessment  and/or  to  take  into  account  any  additions  or
  retirements to public utility mass real property or litigation affecting
  the  value  or  taxable  status  of  the  local public utility mass real
  property initiated prior to the effective date of this section.
* NB Repealed January 1, 2019