* 499-wwww. Assessment ceiling. 1. To determine the extent to which local energy-related public utility mass real property shall be exempt under this title, an assessment ceiling for the local energy-related public utility mass real property in counties with a population of more than nine hundred forty thousand and less than one million two hundred thousand inhabitants according to the last decennial census shall be established annually by the commissioner as follows:
(a) Determine: (i) the local energy-related public utility mass real property value in accordance with the provisions of section four hundred ninety-nine-yyyy of this title; and (ii) the equalization rate factor for the local energy-related public utility mass real property in accordance with the provisions of section four hundred ninety-nine-zzzz of this title.
(b) Multiply the local energy-related public utility mass real property value by the equalization rate factor.
The result shall be the assessment ceiling.
2. The valuation date for all local energy-related public utility mass real property in counties with a population of more than nine hundred forty thousand and less than one million two hundred thousand inhabitants according to the last decennial census shall be January first of the year preceding the year in which the assessment roll on which such property is to be assessed, completed and filed in the office of the city or town clerk. The taxable status for all local energy-related public utility mass real property in counties with a population of more than nine hundred forty thousand and less than one million two hundred thousand inhabitants according to the last decennial census shall be based upon its condition and ownership as of the taxable status date applicable to the assessment roll on which it is to appear.
3. For assessment rolls with taxable status dates in each of the three calendar years including and following the year in which this section shall take effect, the commissioner shall establish no assessment ceiling that is less than ninety percent or more than one hundred ten percent of the assessment of such local energy-related public utility mass real property appearing on the municipal assessment roll with a taxable status date occurring in the second preceding calendar year from when this section shall take effect, except that the commissioner may establish assessment ceilings below the ninety percent level or above the one hundred ten percent level to take into account any change in level of assessment and/or to take into account any additions or retirements to energy-related public utility mass real property in counties with a population of more than nine hundred forty thousand and less than one million two hundred thousand inhabitants according to the last decennial census or litigation affecting the value or taxable status of the local energy-related public utility mass real property initiated prior to the effective date of this section.
* NB Repealed January 1, 2023
Last modified: February 3, 2019