Section 489-EE. Railroad ceiling

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  average  railway  revenues  and  expenses  in
  accordance with the provisions of section four hundred eighty-nine-ff of
  this  chapter,  (b) a ratio in accordance with the provisions of section
  four hundred eighty-nine-gg of this chapter, (c)  the economic factor in
  accordance with the provisions of section four hundred eighty-nine-hh of
  this chapter, and (d) the local reproduction cost in accordance with the
  provisions of section four hundred eighty-nine-ii of this chapter;
    2.  Multiply the local reproduction cost by the economic factor; and
    3.  Multiply the result of such calculation by the state  equalization
  rate  determined  or  established  in  accordance with the provisions of
  section four hundred eighty-nine-jj 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  assessment  roll  is  estimated  for  purposes  of   the   state
  equalization  rate  to  be  applied in the establishment of the railroad
  ceiling.