2023 New York Laws › RPT - Real Property Tax › Article 4 - Exemptions › Title 5 - Assessment Ceilings for Local Public Utility Mass Real Property › 499-QQQQ - Application of Assessment Ceiling; Computation of Exemption.

* §  499-qqqq.  Application  of  assessment  ceiling;  computation  of
  exemption. 1. Upon receipt of a  certificate  setting  forth  the  final
  certified   assessment  ceiling  for  local  public  utility  mass  real
  property,  the  assessor   shall   compare   the   assessed   valuations
  attributable  to  the  local  public utility mass real property for each
  owner of local  public  utility  mass  real  property  included  in  the
  assessment  ceiling.  Where  the  owner of the local public utility mass
  real property reports information by specific property identification to
  the commissioner or the local assessing jurisdiction has  implemented  a
  system  by the commissioner standardizing the identity of public utility
  mass real  property  on  assessment  rolls,  such  certified  assessment
  ceilings  shall  be  provided  by  the commissioner, as set forth on the
  local assessing jurisdiction's  assessment  rolls.  Where  the  assessed
  valuation does not exceed the final certified assessment ceiling, as set
  forth  in  the  certificate  for  the  local  public  utility  mass real
  property, the assessor need not make any  adjustment  in  such  assessed
  valuation.  Provided,  however, the assessed valuation exceeds the final
  certified assessment ceiling, as set  forth  in  the  certificate,  such
  local public utility mass real property shall be exempt from taxation to
  the  extent  of  such excess and the assessor shall forthwith reduce the
  assessments of such local public utility mass real property, so that the
  taxable assessed  valuation  of  such  property  shall  not  exceed  the
  certified  assessment  ceiling.  All certificates of assessment 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
  of  the  local  assessing jurisdiction in which the local public utility
  mass real property is located, notwithstanding the fact that he  or  she
  may  receive  the  certificate of the assessment ceiling after the final
  completion, verification and filing of such assessment roll. Other local
  officers, including school authorities, applying such  final  assessment
  roll,  are  hereby  authorized and directed, on the basis of information
  which shall be provided by the assessor, to make the reductions provided
  for in this section on their respective tax rolls prior to levy  of  tax
  or,  if  received  after the tax rolls have been established, to correct
  any tax levy of local public utility mass real property to reflect  such
  reduction.  If  the  reduction is made after the tax levy and payment of
  same by the owner of local public utility mass real property, then  such
  owner  of local public utility mass real property shall be entitled to a
  refund in accordance with  section  seven  hundred  twenty-six  of  this
  chapter.
3.  In  assessing  units  for  which  he  or she 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.
* NB Repealed January 1, 2027