Bill > A03895

This bill establishes an energy-related public utility mass real property central assessment program that introduces a new method for assessing and taxing real property owned by electric, gas, and steam corporations. The bill creates a comprehensive framework for how these utility properties will be valued and taxed, including defining "energy-related public utility mass real property" as real estate used for storing, transmitting, and distributing electricity, gas, or steam. The assessment process involves establishing an annual "assessment ceiling" for each utility's property, which limits how much the property can be taxed. The commissioner of taxation and finance will determine these assessment ceilings using a reproduction cost less depreciation methodology, with built-in protections to prevent sudden large changes in assessed value. The bill includes provisions for utility companies to challenge assessments, report property details, and allows for periodic reviews of the valuation methodology. Notably, the program will be phased in gradually between 2030 and 2033, with assessment ceilings initially constrained to prevent dramatic shifts in valuation. The bill also mandates a biennial review to evaluate whether this specialized assessment approach remains appropriate, with potential future adjustments to the valuation method.

Budget and Finance

https://www.nysenate.gov/legislation/bills/2025/A3895