New York Laws
Title 2-A - Railroad Real Property of Intrastate Railroad Companies
489-P - Application of Railroad Ceiling; Computation of Exemption.

§ 489-p. Application of railroad ceiling; computation of exemption.
1. Upon receipt of a certificate setting forth the railroad ceiling for
a railroad company, the assessor shall compute for his assessing unit
the aggregate of the assessed valuations and portions thereof
attributable to railroad real property of such railroad company included
in the railroad ceiling. If the aggregate of such assessed valuations,
as so computed, does not exceed the ceiling as set forth in the
certificate for the railroad company, the assessor shall make no
adjustment in such assessed valuations. If, however, the aggregate of
such assessed valuations, as so computed, shall exceed the amount of
such ceiling as set forth in the certificate, such railroad real
property shall be exempt from taxation to the extent of such excess and
the assessor shall forthwith reduce the assessments of such railroad
real property of such railroad company, so that the aggregate of the
taxable assessed valuations of such property shall not exceed such
ceiling; provided, however, that the assessor shall make no adjustment
in such assessed valuations if the company failed for any reason to pay
within thirty days of the date when due the tax levied upon the taxable
portion of the assessment of any railroad real property of the company
set forth on the immediately preceding assessment roll of any assessing
unit unless the payment or enforcement of such tax is restrained or
prohibited by an order issued by a court of competent jurisdiction under
the bankruptcy act of the United States. In reducing such assessments
for the purpose of giving effect to exemptions granted by this title,
the assessor shall distribute such reduction to the parcels affected in
direct proportion to the assessed valuations of such railroad real
property included in the assessment of each parcel as initially
determined by the assessor. The amount so deducted from the assessed
valuation of each parcel shall be set forth on the portion of the
assessment roll provided for property exempt from taxation. The taxable
portion of the assessment remaining on railroad real property shall be
apportioned among the school districts and special districts directly in
proportion to the apportionments of the assessed valuations of such
railroad real property made by the assessor prior to the adjustment for
the exemption resulting from application of the railroad ceiling. All
certificates of railroad 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
notwithstanding the fact that he may receive the certificate of the
railroad ceiling after the final completion, verification and filing of
such assessment roll. Other local officers, including school
authorities having custody and control of such roll, are hereby
authorized and directed, on the basis of information which shall be
furnished by the assessor, to make the reductions provided for in this
section.

3. In assessing units for which he 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.