* § 54-b. State assistance to certain public corporations in which\nrailroad real property is partially exempt from taxation. 1. When used\nin this section, unless otherwise expressly stated:\n a. "Public corporation" means a county, city, town, village, school\ndistrict, town or county improvement district, district corporation or\nspecial district in which real property is subject to taxation or\nspecial ad valorem levies.\n b. "Railroad company" means a corporation, joint stock company,\nassociation, partnership, individual or other person which is operating\na railroad system as a common carrier by rail, including but not limited\nto a street, surface, underground or elevated railroad, whether as\nowner, lessee, mortgagee, trustee, receiver or assignee of railroad real\nproperty, and to which the provisions of title two-a of article four of\nthe real property tax law apply as a result of the exercise of the\noption provided in section four hundred eighty-nine-v of the real\nproperty tax law.\n c. "Railroad real property" means the land, real estate and real\nproperty (as defined in subdivision twelve of section one hundred two of\nthe real property tax law) of a railroad company, which is used by such\nrailroad company for transportation purposes and includes (a) such\nproperty leased to such railroad company, (b) such property used or\noccupied by such railroad company, title to which is in the state or in\nany municipal corporation thereof under any of the grade crossing\nelimination acts, and (c) the tangible property of a railroad company\nsituated upon, under, over or above any street, highway, public place or\npublic waters and the value of any franchise, right or permission to\nconstruct, maintain or operate a railroad in, under, over, above, or on\nthrough, streets, highways or public places.\n d. "Tax" or "taxation" means an ad valorem charge or special ad\nvalorem levy imposed upon real property by or on behalf of a public\ncorporation.\n e. "Base fiscal year" means the last fiscal year of a public\ncorporation commencing prior to July first, nineteen hundred fifty-nine;\nprovided, however, that when a railroad company elects after July first,\nnineteen hundred seventy-one to have the provisions of title two-A of\narticle four of the real property tax law apply, then "base fiscal year"\nfor the purposes of this section only means the last fiscal year of a\npublic corporation commencing prior to July first of the year preceding\nthe calendar year in which the first railroad ceiling is determined; and\nfurther provided, however, that when railroad real property is acquired\nby a profitable railroad as defined in section one hundred two of the\nregional rail reorganization act of nineteen hundred seventy-three, or a\nsubsidiary thereof, from a railroad in reorganization as therein\ndefined, in connection with or pursuant to a plan of reorganization or\nrestructuring under or pursuant to the regional rail reorganization act\nof nineteen hundred seventy-three, the base fiscal year for purposes of\nthis section only shall continue to be the base fiscal year applicable\nto such property prior to such acquisition.\n f. "Current fiscal year" means the fiscal year of the public\ncorporation for which taxes are levied on the assessment roll affected\nby the railroad ceiling on account of which state aid is being\ncalculated for the public corporation under this section.\n g. "Change in the level of assessment" means the net increase or\ndecrease in the assessed valuation of the taxable property on an\nassessment roll as a result of assessing such property at a higher or\nlower ratio of full value.\n 2. State assistance shall be apportioned and paid in accordance with\nthis section to each public corporation in the state in which there is\nrailroad real property which became partially exempt from taxation under\ntitle two-a of article four of the real property tax law prior to April\nfirst, nineteen hundred seventy-s
‹ Prev All New York sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.