New York Laws
Title 2-B - 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.