NY Real Prop Tax L § 499-KKKK (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 5 - Assessment Ceilings for Local Public Utility Mass Real Property 499-KKKK - Assessment Ceiling.

* §  499-kkkk. Assessment ceiling. 1. To determine the extent to which local public utility mass real  property  shall  be  exempt  under  this title,  an  assessment  ceiling  for  the local public utility mass real property shall be established annually by the commissioner as follows:  (a) Determine: (i) the local public utility mass real  property  value in   accordance   with   the   provisions   of   section   four  hundred ninety-nine-mmmm of this title; and (ii) the  equalization  rate  factor for  the  local public utility mass real property in accordance with the provisions of section four hundred ninety-nine-nnnn of this title.  (b) Multiply the local public utility mass real property value by  the equalization rate factor.   The result shall be the assessment ceiling.   2.  The valuation date for all local public utility mass real property shall be January first of the year  preceding  the  year  in  which  the assessment  roll on which such property is to be assessed, completed and filed in the office of the city or town clerk. The  taxable  status  for all  local  public  utility  mass  real property shall be based upon its condition and ownership as of the taxable status date applicable to  the assessment roll on which it is to appear.   3.  (a)  For assessment rolls with taxable status dates in each of the three calendar years including and following  the  year  in  which  this section   shall   take  effect,  the  commissioner  shall  establish  no assessment ceiling that is less than ninety percent  or  more  than  one hundred  ten percent of the assessment of such local public utility mass real property appearing on the municipal assessment roll with a  taxable status  date  occurring  in the second preceding calendar year from when this section  shall  take  effect,  except  that  the  commissioner  may establish  assessment  ceilings  below the ninety percent level or above the one hundred ten percent level to take into  account  any  change  in level  of  assessment  and/or  to  take  into  account  any additions or retirements to public utility mass real property or litigation affecting the value or taxable status  of  the  local  public  utility  mass  real property initiated prior to the effective date of this section.  (b)  For  assessment  rolls with taxable status dates in the years two thousand eighteen, two thousand nineteen and two  thousand  twenty,  the commissioner  shall  establish  no  assessment ceiling that is below the lower limit or above the upper limit specified in this paragraph, except that the commissioner may establish assessment ceilings below such lower limit or above such upper limit to take into account any change in level of assessment and/or to take into account any additions  or  retirements to  public  utility mass real property or litigation affecting the value or taxable status  of  the  local  public  utility  mass  real  property initiated prior to the effective date of this section.  (i)  For  assessment  rolls  with taxable status dates in two thousand eighteen, the assessment ceiling shall not  be  less  than  seventy-five percent  or  more than one hundred twenty-five percent of the assessment of such local  public  utility  mass  real  property  appearing  on  the municipal  assessment  roll  with a taxable status date occurring in the year two thousand thirteen.  (ii) For assessment rolls with taxable status dates  in  two  thousand nineteen, the assessment ceiling shall not be less than fifty percent or more  than  one  hundred  fifty  percent of the assessment of such local public utility mass real property appearing on the municipal  assessment roll  with  a  taxable  status  date  occurring in the year two thousand thirteen.  (iii) For assessment rolls with taxable status dates in  two  thousand twenty,  the  assessment  ceiling  shall  not  be  less than twenty-five percent or more than one hundred seventy-five percent of the  assessment  of  such  local  public  utility  mass  real  property  appearing on the municipal assessment roll with a taxable status date  occurring  in  the year two thousand thirteen.   * NB Repealed January 1, 2023