NY Real Prop Tax L § 489-K (2021)
2021 New York Laws RPT - Real Property Tax Article 4 - Exemptions Title 2-A - Railroad Real Property of Intrastate Railroad Companies 489-K - Unadjusted Local Reproduction Cost and Local Reproduction Cost.

§  489-k.  Unadjusted  local  reproduction cost and local reproduction cost.    1.  The  commissioner  shall  determine  the  unadjusted  local reproduction  cost  for  each railroad company in each assessing unit as follows:  (a) Ascertain in each assessing unit the cost of reproduction new less depreciation of the railroad real property other than land;  (b) Ascertain in each assessing unit the value of the land portion  of railroad  real  property  and  the value of rights in land in, above and under any public street,  highway  or  parkway  used  by  such  railroad company;  (c)  Add  the  amounts  ascertained  under  (a) and (b) above for each assessing unit. The result shall be the  unadjusted  local  reproduction cost.   2.  The  commissioner  shall determine the local reproduction cost for each railroad company in each assessing unit as follows:  (a) Compute the ratio of the  total  amount  included  in  the  system reproduction  cost  of  such railroad company on account of the property included in the unadjusted local reproduction costs  for  all  assessing units  to  the  aggregate of the unadjusted local reproduction costs for all assessing units for such railroad company;  (b) Multiply the unadjusted local reproduction cost for each assessing unit by the ratio computed in (a) above. The result shall be  the  local reproduction cost.   3. In making determinations under this section, the commissioner shall classify   the  real  property  of  each  railroad  company  as  between transportation or non-transportation so far as may be practicable.   4. In  ascertaining  depreciation  of  property  under  this  section, consideration  may be given to physical condition, average service lives of groups of property and  other  factors,  which,  however,  shall  not include earnings.   5.  As  used in this section, the term "value of land" means the value of similar land in the immediate vicinity used for other  than  railroad transportation  purposes and the term "value of rights in land in, above and under any public street, highway or parkway" means ten per  cent  of the value of land in the immediate vicinity used for other than railroad transportation purposes.   6.  The determinations made under this section shall reflect so far as may  be  practicable  the  status  of  the  property  as   of   December thirty-first of the preceding year.   7. In making determinations under this section, the commissioner shall consider  the  information  contained in accounts maintained pursuant to the uniform system of accounts for railroad companies prescribed by  the interstate commerce commission and in the publication entitled "Elements of  Value or Property Used in Common Carrier Service" then most recently issued or made available by the bureau of  accounts,  cost  finding  and valuation  of  the  interstate commerce commission. The commissioner may consider information available from the commissioner  of  transportation and  from  other sources, including reports required pursuant to section four hundred eighty-nine-q, and such other information on the subject as may be available to it.