N.Y. Real Property Tax Law 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.
Terms Used In N.Y. Real Property Tax Law 489-MM
- Assessing unit: means a city, town or village. See N.Y. Real Property Tax Law 489-BB
- Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Railroad company: means a corporation , joint stock company, association, partnership, individual or other person operating a railroad system both within and without the State of New York as a common carrier by rail, including but not limited to a street, surface, underground or elevated railroad and any corporation created under or in compliance with the rail passenger service act of nineteen hundred seventy or the regional rail reorganization act of nineteen hundred seventy-three as those acts were amended to April first, nineteen hundred seventy-six, whether as owner, lessee, mortgagee, trustee, receiver or assignee of railroad real property. See N.Y. Real Property Tax Law 489-BB
- Railroad real property: means the land, real estate and real property (as defined in subdivision twelve of section one hundred two of this chapter) of a railroad company, which is used by such railroad company for transportation purposes and which is subject to real property taxation except as provided in this title, and includes (a) such property leased to such railroad company, (b) such property used for transportation purposes by such railroad company under a trackage right or other operating agreement, title to which is in other than a railroad company as defined in subdivision two of this section and subdivision two of section four hundred eighty-nine-b of this chapter, (c) such property used or occupied by such railroad company, title to which is in the state or in any municipal corporation thereof under any of the grade crossing elimination acts, and (d) the tangible property of such railroad company situated in, upon, under or above any street, highway, public place or public waters; but does not include the value of any franchise, right or permission to construct, maintain or operate, in, under, above, on or through, streets, highways or public places. See N.Y. Real Property Tax Law 489-BB
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- taxation: means an ad valorem charge or special ad valorem levy imposed upon real property by or on behalf of a county, city, town, village, school district or special district. See N.Y. Real Property Tax Law 489-BB
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.