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

§  489-p.   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 included   in the railroad ceiling.  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 is 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 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.