NY Real Prop Tax L § 499-QQQQ (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions 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, 2023