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

§  489-j.  Exemption  factor.  (a)  In  accordance  with the policy of granting increasingly greater exemptions as the rate of  earnings  of  a railroad  company  declines,  the  exemption  factor  for  each railroad company shall be determined in accordance with its earnings  ratio.  For each  railroad company the percentage indicated under "exemption factor" in the following table opposite the earnings ratio of such company shall be the exemption factor. If the earnings ratio  of  a  railroad  company does not coincide with a specific earnings ratio indicated in the table, the   exemption   factor   for  such  company  shall  be  determined  by interpolation to the nearest tenth of one percent.       Earnings Ratio                         Exemption Factor        (Percent)                             (Percent)            10                                      0             9                                      5             8                                     10             7                                     15             6                                     20             5                                     30             4                                     40             3                                     50             2                                     60             1                                     80             0                                     80  (b) Notwithstanding the provisions of subdivision (a) of this section, for purposes of determining railroad ceilings for  intrastate  railroads for assessment rolls completed in two thousand three and thereafter, the percentage  indicated  under  "exemption  factor"  in  the table in this subdivision opposite the earnings ratio of the railroad company shall be the exemption factor for each railroad company. If the earnings ratio of a railroad company does not coincide  with  a  specific  earnings  ratio indicated  in  the  table  in this subdivision, the exemption factor for such company  shall  be  determined  by  interpolation  to  the  nearest hundredth of one percent.           Earnings Ratio                Exemption Factor             (Percent)                   (Percent)                12                              0                11                              5                10                             10                 9                             15                 8                             20                 7                             25                 6                             30                 5                             35                 4                             40                 3                             50                 2                             60                 1                             80                 0                             85  (c) Notwithstanding the provisions of subdivision (b) of this section, whenever  it  shall  appear  that an exemption factor is decreasing more than one-tenth from the exemption factor established in the prior  year, such decrease may not exceed one-tenth.