NY Real Prop Tax L § 489-MM (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-B - Railroad Real Property of Interstate Railroad Companies 489-MM - Application of Railroad Ceiling; Computation of Exemption.

§  489-mm.  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  for   which  a railroad ceiling has been determined.  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  was  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  the  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.