N.Y. Real Property Tax Law Section 489-EE
Railroad ceiling

A railroad ceiling for the railroad real property other than subsidized railroad real property of each railroad company situated in each assessing unit shall be established annually by the commissioner as follows:

1.

Determine (a) the average railway revenues and expenses in accordance with the provisions of § 489-FF (Average railway revenues and expenses)section four hundred eighty-nine-ff of this chapter, (b) a ratio in accordance with the provisions of § 489-GG (Ratio)section four hundred eighty-nine-gg of this chapter, (c) the economic factor in accordance with the provisions of § 489-HH (Economic factor)section four hundred eighty-nine-hh of this chapter, and

(d)

the local reproduction cost in accordance with the provisions of § 489-II (Local reproduction cost)section four hundred eighty-nine-ii of this chapter;

2.

Multiply the local reproduction cost by the economic factor; and

3.

Multiply the result of such calculation by the state equalization rate determined or established in accordance with the provisions of § 489-JJ (State equalization rate)section four hundred eighty-nine-jj of this chapter. The result shall be the railroad ceiling.

4.

Determinations made pursuant to this section shall be based upon the value of the railroad real property as of the rate valuation date and ownership of such railroad real property as of the thirty-first day of December of the year preceding the year in which the assessment roll to which such ceiling assessment will apply is filed in the office of the city or town clerk, except that those determinations shall be based upon ownership as of the thirty-first day of December of the second year preceding the date required by law for the filing of the final assessment roll for purposes of city assessment rolls required to be filed between January first and June first inclusive and for all village assessment rolls. As used in this subdivision, the term “rate valuation date” means the date as of which the full value of taxable real property on an assessment roll is estimated for purposes of the state equalization rate to be applied in the establishment of the railroad ceiling.

Source: Section 489-EE — Railroad ceiling, https://www.­nysenate.­gov/legislation/laws/RPT/489-EE (updated Sep. 22, 2014; accessed Oct. 25, 2025).

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Verified:
Oct. 25, 2025

Last modified:
Sep. 22, 2014

§ 489-EE. R.R. ceiling's source at nysenate​.gov

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