Section 489-E. Railroad ceiling

For the purpose of determining the extent
  to  which  railroad  real  property  shall be exempt under this title, a
  railroad ceiling for the railroad real property  other  than  subsidized
  railroad  real  property  of  each  railroad  company  situated  in each
  assessing unit shall be established  annually  by  the  state  board  as
  follows:
    (1)  Determine (a) the system reproduction cost in accordance with the
  provisions  of  sections  four  hundred  eighty-nine-f  and four hundred
  eighty-nine-g of this chapter,  (b)  the  average  railway  earnings  in
  accordance  with  the  provisions of sections four hundred eighty-nine-f
  and four hundred eighty-nine-h of this chapter, (c) the  earnings  ratio
  in  accordance with the provisions of section four hundred eighty-nine-i
  of this chapter,  (d)  the  exemption  factor  in  accordance  with  the
  provisions  of  section  four hundred eighty-nine-j of this chapter, and
  (e) the local reproduction cost in accordance  with  the  provisions  of
  sections  four  hundred  eighty-nine-f and four hundred eighty-nine-k of
  this chapter;
    (2)  Multiply the local reproduction cost by the exemption factor  and
  subtract the result thereof from the local reproduction cost; and
    (3)      Multiply  the  result  of  such  calculations  by  the  state
  equalization rate determined  or  established  in  accordance  with  the
  provisions  of  section four hundred eighty-nine-l of this chapter.  The
  result shall be the railroad ceiling.
    (4)  Determinations made pursuant to this section shall be based  upon
  the  value  of  the railroad real property as of the rate valuation date
  and ownership of such railroad real property as of the thirty-first  day
  of  December of the year preceding the year in which the assessment roll
  to which such ceiling assessment will apply is filed in  the  office  of
  the  city or town clerk, except that those determinations shall be based
  upon ownership as of the thirty-first day of December of the second year
  preceding the  date  required  by  law  for  the  filing  of  the  final
  assessment  roll  for  purposes  of city assessment rolls required to be
  filed between January first and June first inclusive and for all village
  assessment rolls. As used in this subdivision, the term "rate  valuation
  date" means the date as of which the full value of taxable real property
  on   an  assessement  roll  is  estimated  for  purposes  of  the  state
  equalization rate to be applied in the  establishment  of  the  railroad
  ceiling.