N.Y. RPT Law § 489-F

§ 489-f. Relationships among elements used in computation of railroad\nceiling. In order to effectuate the legislative policy that the amount\nof exemptions from real property taxation granted to railroads should be\nrelated to their individual rates of earnings, and in order to provide a\nuniform and equitable method for implementing this policy, the\ncommissioner shall establish and maintain relationships among system\nreproduction cost, railway earnings, local reproduction cost and the\nstate equalization rates, so that:\n (1) System reproduction cost, local reproduction cost and the state\nequalization rates shall be based so far as may be practicable upon the\nsame period price levels;\n (2) System reproduction cost shall include so far as may be\npracticable the property constituting the railroad system from which the\nrailway earnings were derived for the latest year included in the\naverage railway earnings; and\n (3) The aggregate of the local reproduction cost of each railroad\ncompany shall approximate the amount included in the system reproduction\ncost of such railroad company on account of the property included in\nsuch local reproduction costs so far as may be practicable.\n