2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 2-B - Railroad Real Property of Interstate Railroad Companies › 489-MM - Application of Railroad Ceiling; Computation of Exemption.

§  489-mm.  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  for
  which  a railroad ceiling has been determined.  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  was  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  the  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.