N.Y. RPT Law § 489-K

§ 489-k. Unadjusted local reproduction cost and local reproduction\ncost. 1. The commissioner shall determine the unadjusted local\nreproduction cost for each railroad company in each assessing unit as\nfollows:\n (a) Ascertain in each assessing unit the cost of reproduction new less\ndepreciation of the railroad real property other than land;\n (b) Ascertain in each assessing unit the value of the land portion of\nrailroad real property and the value of rights in land in, above and\nunder any public street, highway or parkway used by such railroad\ncompany;\n (c) Add the amounts ascertained under (a) and (b) above for each\nassessing unit. The result shall be the unadjusted local reproduction\ncost.\n 2. The commissioner shall determine the local reproduction cost for\neach railroad company in each assessing unit as follows:\n (a) Compute the ratio of the total amount included in the system\nreproduction cost of such railroad company on account of the property\nincluded in the unadjusted local reproduction costs for all assessing\nunits to the aggregate of the unadjusted local reproduction costs for\nall assessing units for such railroad company;\n (b) Multiply the unadjusted local reproduction cost for each assessing\nunit by the ratio computed in (a) above. The result shall be the local\nreproduction cost.\n 3. In making determinations under this section, the commissioner shall\nclassify the real property of each railroad company as between\ntransportation or non-transportation so far as may be practicable.\n 4. In ascertaining depreciation of property under this section,\nconsideration may be given to physical condition, average service lives\nof groups of property and other factors, which, however, shall not\ninclude earnings.\n 5. As used in this section, the term "value of land" means the value\nof similar land in the immediate vicinity used for other than railroad\ntransportation purposes and the term "value of rights in land in, above\nand under any public street, highway or parkway" means ten per cent of\nthe value of land in the immediate vicinity used for other than railroad\ntransportation purposes.\n 6. The determinations made under this section shall reflect so far as\nmay be practicable the status of the property as of December\nthirty-first of the preceding year.\n 7. In making determinations under this section, the commissioner shall\nconsider the information contained in accounts maintained pursuant to\nthe uniform system of accounts for railroad companies prescribed by the\ninterstate commerce commission and in the publication entitled "Elements\nof Value or Property Used in Common Carrier Service" then most recently\nissued or made available by the bureau of accounts, cost finding and\nvaluation of the interstate commerce commission. The commissioner may\nconsider information available from the commissioner of transportation\nand from other sources, including reports required pursuant to section\nfour hundred eighty-nine-q, and such other information on the subject as\nmay be available to it.\n