Consolidated Rail Corp. v. State Board of Equalization & Assessment

OPINION OF THE COURT

Levine, J.

Petitioner operates an interstate railroad and, as such, is eligible for relief from full assessment of local real property taxes pursuant to the provisions of Real Property Tax Law, article 4, title 2-B, commonly known as the Purcell Act. The purpose of the legislation is to grant financially distressed interstate railroads in the State partial exemption from such property taxes (Real Property Tax Law § 489-aa). The exemption is from taxation on that portion of assessed valuation of nonsubsidized railroad real property which exceeds a statutorily defined…