2023 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.