NY Real Prop Tax L § 489-W (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-A - Railroad Real Property of Intrastate Railroad Companies 489-W - Railroad Ceiling; Transitional Adjustment.

§  489-w.  Railroad ceiling; transitional adjustment. 1. Any reduction in a railroad ceiling established pursuant to this title or title  two-B of  this  article resulting from amendments to this title or title two-B of this article effective in the year two thousand three for  assessment rolls  filed  in  two thousand three through two thousand eight shall be adjusted as follows:  (a) Ceilings for assessment rolls filed in two thousand three and  two thousand  four  shall  only  be  reduced by one-fourth of the difference between the ceilings or assessments against which taxes were  levied  on assessment  rolls  filed  in two thousand and the ceilings that would be established for the two thousand three and two thousand four  assessment rolls but for the provisions of this section.  (b)  Ceilings  for assessment rolls filed in two thousand five and two thousand six shall only be reduced by one-half of the difference between the  ceilings  or  assessments  against  which  taxes  were  levied   on assessment  rolls  filed in two thousand, and the ceilings that would be established for the two thousand five and two  thousand  six  assessment rolls but for the provisions of this section.  (c)  Ceilings for assessment rolls filed in two thousand seven and two thousand eight shall only be reduced by three-quarters of the difference between the ceilings or assessments against which taxes were  levied  on assessment  rolls  filed  in two thousand and the ceilings that would be established for the two thousand seven and two thousand eight assessment rolls but for the provisions of this section.  (d) In calculating  the  limitations  created  by  this  section,  the commissioner  shall  reflect  any material change in level of assessment calculated pursuant to article  twelve  of  this  chapter  and  any  new construction  or  demolition  in the net amount of five hundred thousand dollars or more in any one year.   2. State assistance shall be paid pursuant to this section,  beginning in  the  year  two thousand three, to municipal corporations and special districts that are affected by amendments to this title or  title  two-B of  this article enacted in the year two thousand two; provided that the determination of such assistance shall be subject to the approval of the director of the budget.  (a) Upon issuance of a warrant by a tax-levying body for an assessment roll filed in the year two thousand three, the chief fiscal  officer  of such  tax-levying  body  shall  report to the commissioner the amount of taxes  due  on  any  assessment  of  railroad  transportation   property appearing  on  such  roll,  or the taxes that would have been due on the railroad ceiling for that property if such ceiling were higher than  the assessment,  and  the taxes paid on the same assessment of such railroad real property appearing on the assessment roll filed  in  the  year  two thousand.  A county shall prepare a single report for the cities, towns, and special districts for which it levies taxes. The commissioner  shall thereupon  certify to the comptroller payment of state assistance in the amount by which the  amount  of  taxes  paid  on  those  assessments  or ceilings  on  the  assessment roll filed in the year two thousand exceed the taxes due on the lower of the  assessment  or  ceiling  of  railroad transportation  property  appearing  on the assessment roll filed in the year two thousand three.  (b) Upon annexation of a warrant to an assessment roll  filed  in  two thousand  four  through two thousand six, the commissioner shall certify payments in the same amount as  those  certified  for  assessment  rolls completed  in  two  thousand  three.  Upon annexation of a warrant to an assessment roll filed in two thousand seven and two thousand eight,  the commissioner  shall  certify payments in the amount of one hundred fifty percent of the amount certified for assessment rolls  completed  in  two  thousand  three.  For  assessment  rolls  completed in two thousand nine through two thousand twelve, the commissioner shall certify payments  in the amount of two hundred percent of the amount certified for assessment rolls  completed  in  two thousand three. Any state aid pursuant to this section may  be  reduced  proportionately  to  reflect  an  increase  in railroad  ceilings  due to the failure of the owner to receive increased depreciation as  provided  in  section  four  hundred  eighty-nine-g  or section   four  hundred  eighty-nine-ii  of  this  article.  Such  state assistance shall not be available for assessment rolls completed in  two thousand thirteen and thereafter.  (c)  The  amount  of any assistance certified pursuant to this section may be modified to reflect proportionally new construction or demolition in the net amount of five hundred thousand dollars or more  in  any  one year.  (d)  No payment of state aid shall be made pursuant to this section if a  railroad  ceiling,  adjusted  pursuant  to  paragraph  (c)  of   this subdivision,  is  higher than the ceiling established for the assessment roll filed in the year two thousand.  (e) No payment of state aid shall be made pursuant to this section  if the amount of such payment would be less than one hundred dollars.   3.  State  assistance  shall  be  paid  pursuant  to  this  section to municipal corporations and special districts that are  affected  by  any exemption  of  railroad  real  property  as a result of acquisition by a public authority, or lease or sublease of such railroad real property by the public authority; provided that such contract  for  acquisition,  or lease or sublease of such railroad real property by the public authority went  into  effect in the year two thousand three. Such assistance shall be equivalent to the amount the municipality or special  district  would have  received  pursuant  to  subdivision two of this section as if such acquisition, lease or sublease of such railroad real  property  by  such public authority had not occurred.