New York Laws
Title 5 - Assessment Ceilings for Local Public Utility Mass Real Property
499-QQQQ - Application of Assessment Ceiling; Computation of Exemption.

* § 499-qqqq. Application of assessment ceiling; computation of
exemption. 1. Upon receipt of a certificate setting forth the final
certified assessment ceiling for local public utility mass real
property, the assessor shall compare the assessed valuations
attributable to the local public utility mass real property for each
owner of local public utility mass real property included in the
assessment ceiling. Where the owner of the local public utility mass
real property reports information by specific property identification to
the commissioner or the local assessing jurisdiction has implemented a
system by the commissioner standardizing the identity of public utility
mass real property on assessment rolls, such certified assessment
ceilings shall be provided by the commissioner, as set forth on the
local assessing jurisdiction's assessment rolls. Where the assessed
valuation does not exceed the final certified assessment ceiling, as set
forth in the certificate for the local public utility mass real
property, the assessor need not make any adjustment in such assessed
valuation. Provided, however, the assessed valuation exceeds the final
certified assessment ceiling, as set forth in the certificate, such
local public utility mass real property shall be exempt from taxation to
the extent of such excess and the assessor shall forthwith reduce the
assessments of such local public utility mass real property, so that the
taxable assessed valuation of such property shall not exceed the
certified assessment ceiling. All certificates of assessment 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
of the local assessing jurisdiction in which the local public utility
mass real property is located, notwithstanding the fact that he or she
may receive the certificate of the assessment ceiling after the final
completion, verification and filing of such assessment roll. Other local
officers, including school authorities, applying such final assessment
roll, are hereby authorized and directed, on the basis of information
which shall be provided by the assessor, to make the reductions provided
for in this section on their respective tax rolls prior to levy of tax
or, if received after the tax rolls have been established, to correct
any tax levy of local public utility mass real property to reflect such
reduction. If the reduction is made after the tax levy and payment of
same by the owner of local public utility mass real property, then such
owner of local public utility mass real property shall be entitled to a
refund in accordance with section seven hundred twenty-six of this
chapter.

3. In assessing units for which he or she 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.

* NB Repealed January 1, 2027