§ 489-m. Railroad real property used for transportation purposes. In making determinations as to railroad real property which is used for transportation purposes, the commissioner shall consider the manner in which property is classified as property used for transportation purposes in accounts maintained pursuant to the uniform system of accounts for railroad companies as prescribed by the interstate commerce commission and the commissioner of transportation and in the publication of the interstate commerce commission entitled "Elements of Value of Property Used in Common Carrier Service" as well as information available from other sources, including reports required pursuant to section four hundred eighty-nine-q.

Terms Used In N.Y. Real Property Tax Law 489-M

  • 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-bb 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) such 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-B
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
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