2023 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, 2027