N.Y. Real Property Tax Law 489-F – Relationships among elements used in computation of railroad ceiling
§ 489-f. Relationships among elements used in computation of railroad ceiling. In order to effectuate the legislative policy that the amount of exemptions from real property taxation granted to railroads should be related to their individual rates of earnings, and in order to provide a uniform and equitable method for implementing this policy, the commissioner shall establish and maintain relationships among system reproduction cost, railway earnings, local reproduction cost and the state equalization rates, so that:
Terms Used In N.Y. Real Property Tax Law 489-F
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Railroad company: means a corporation, joint stock company, association, partnership, individual or other person operating a railroad system wholly within the state of New York as a common carrier by rail, including but not limited to a street, surface, underground or elevated railroad, whether as owner, lessee, mortgagee, trustee, receiver or assignee of railroad real property. See N.Y. Real Property Tax Law 489-B
- 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-B
(1) System reproduction cost, local reproduction cost and the state equalization rates shall be based so far as may be practicable upon the same period price levels;
(2) System reproduction cost shall include so far as may be practicable the property constituting the railroad system from which the railway earnings were derived for the latest year included in the average railway earnings; and
(3) The aggregate of the local reproduction cost of each railroad company shall approximate the amount included in the system reproduction cost of such railroad company on account of the property included in such local reproduction costs so far as may be practicable.