N.Y. RPT Law § 499-LLLL
This is the official text of N.Y. RPT Law § 499-LLLL, part of New York’s RPT Law — part of the compiled statutory law of New York, published by the state as "RPT Law." Browse the sections below, each linked to its official government source.
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Local public utility mass real property value
Official statutory text
* § 499-llll. Local public utility mass real property value. The\ncommissioner shall compute the local public utility mass real property\nvalue as follows:\n 1. The local reproduction cost of the public utility mass real\nproperty of each public utility mass real property owner in every\nassessing unit is the cost of reproduction, less depreciation of that\npublic utility mass real property.\n 2. In ascertaining depreciation of property under this section,\nconsideration may be given to the age, physical condition, average\nservice lives of assets and other relevant factors.\n 3. Adjustments for economic or functional obsolescence shall only be\nmade upon application by a public utility mass real property owner.\nEvery such application shall be submitted with the annual report\nrequired by section four hundred ninety-nine-rrrr of this title.\n * NB Repealed January 1, 2031\n
Status: in_force · Read it on the official government site
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