Section 489-C. Assessment of real property of railroads

1. The assessor in
  each city,  town  and  village  and  in  each  county  having  a  county
  department  of  assessment  shall  annually  assess all real property of
  railroad companies situated in such city, town, village  or  county,  as
  the  case  may be, including all railroad real property of such railroad
  companies as defined  in  subdivision  three  of  section  four  hundred
  eighty-nine-b  of  this chapter. Where a village has enacted a local law
  as provided in subdivision three of section fourteen hundred two of this
  chapter, the town or county assessor shall apportion that  part  of  the
  railroad  property  assessment applicable to the village for purposes of
  the copy of the part of the town or  county  assessment  roll  used  for
  village tax purposes.
    2.  Railroad  real  property  shall  be  separately assessed from real
  property of railroad companies not used for transportation purposes  and
  subsidized  railroad  real  property  shall  be separately assessed from
  other railroad real property. The state  board  and  railroad  companies
  upon request shall furnish the assessor information and data relating to
  the  classification  of the real property of railroads as transportation
  and non-transportation property and to the identification of  subsidized
  railroad real property. Action by assessors under this subdivision shall
  not  in any way affect the classification of property or the segregation
  of assessments in accordance with section four hundred eighty-nine-p  of
  this chapter in connection with the application of railroad ceilings.
    3. Railroad real property shall be assessed according to its condition
  and ownership as of the first day of July of the year preceding the year
  in which the assessment roll on which such assessment will be entered is
  filed  in  the office of the city or town clerk, except that it shall be
  assessed according to its condition and ownership as of the first day of
  July of the second year preceding the  date  required  by  law  for  the
  filing  of  the  final  assessment  roll  for  purposes  of  all village
  assessment rolls.