§ 489-f. Relationships among elements used in computation of railroad
ceiling. In order to effectuate the legislative policy that the amount
of exemptions from real property taxation granted to railroads should be
related to their individual rates of earnings, and in order to provide a
uniform and equitable method for implementing this policy, the
commissioner shall establish and maintain relationships among system
reproduction cost, railway earnings, local reproduction cost and the
state equalization rates, so that:

(1) System reproduction cost, local reproduction cost and the state
equalization rates shall be based so far as may be practicable upon the
same period price levels;

(2) System reproduction cost shall include so far as may be
practicable the property constituting the railroad system from which the
railway earnings were derived for the latest year included in the
average railway earnings; and

(3) The aggregate of the local reproduction cost of each railroad
company shall approximate the amount included in the system reproduction
cost of such railroad company on account of the property included in
such local reproduction costs so far as may be practicable.