2023 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.