Section 489-K. Unadjusted local reproduction cost and local reproduction cost

1.  The  state  board  shall  determine  the  unadjusted  local
  reproduction  cost  for  each railroad company in each assessing unit as
  follows:
    (a) Ascertain in each assessing unit the cost of reproduction new less
  depreciation of the railroad real property other than land;
    (b) Ascertain in each assessing unit the value of the land portion  of
  railroad  real  property  and  the value of rights in land in, above and
  under any public street,  highway  or  parkway  used  by  such  railroad
  company;
    (c)  Add  the  amounts  ascertained  under  (a) and (b) above for each
  assessing unit. The result shall be the  unadjusted  local  reproduction
  cost.
    2.  The  state  board  shall determine the local reproduction cost for
  each railroad company in each assessing unit as follows:
    (a) Compute the ratio of the  total  amount  included  in  the  system
  reproduction  cost  of  such railroad company on account of the property
  included in the unadjusted local reproduction costs  for  all  assessing
  units  to  the  aggregate of the unadjusted local reproduction costs for
  all assessing units for such railroad company;
    (b) Multiply the unadjusted local reproduction cost for each assessing
  unit by the ratio computed in (a) above. The result shall be  the  local
  reproduction cost.
    3.  In making determinations under this section, the state board shall
  classify  the  real  property  of  each  railroad  company  as   between
  transportation or non-transportation so far as may be practicable.
    4.  In  ascertaining  depreciation  of  property  under  this section,
  consideration may be given to physical condition, average service  lives
  of  groups  of  property  and  other  factors, which, however, shall not
  include earnings.
    5. As used in this section, the term "value of land" means  the  value
  of  similar  land in the immediate vicinity used for other than railroad
  transportation purposes and the term "value of rights in land in,  above
  and  under  any public street, highway or parkway" means ten per cent of
  the value of land in the immediate vicinity used for other than railroad
  transportation purposes.
    6. The determinations made under this section shall reflect so far  as
  may   be   practicable  the  status  of  the  property  as  of  December
  thirty-first of the preceding year.
    7. In making determinations under this section, the state board  shall
  consider  the  information  contained in accounts maintained pursuant to
  the uniform system of accounts for railroad companies prescribed by  the
  interstate commerce commission and in the publication entitled "Elements
  of  Value or Property Used in Common Carrier Service" then most recently
  issued or made available by the bureau of  accounts,  cost  finding  and
  valuation  of the interstate commerce commission. The board may consider
  information available from the commissioner of transportation  and  from
  other  sources,  including  reports  required  pursuant  to section four
  hundred eighty-nine-q, and such other information on the subject as  may
  be available to it.