§ 489-k. Unadjusted local reproduction cost and local reproduction
cost. 1. The commissioner shall determine the unadjusted local
reproduction cost for each railroad company in each assessing unit as
follows:

(a) Ascertain in each assessing unit the cost of reproduction new less
depreciation of the railroad real property other than land;

(b) Ascertain in each assessing unit the value of the land portion of
railroad real property and the value of rights in land in, above and
under any public street, highway or parkway used by such railroad
company;

(c) Add the amounts ascertained under (a) and (b) above for each
assessing unit. The result shall be the unadjusted local reproduction
cost.

2. The commissioner shall determine the local reproduction cost for
each railroad company in each assessing unit as follows:

(a) Compute the ratio of the total amount included in the system
reproduction cost of such railroad company on account of the property
included in the unadjusted local reproduction costs for all assessing
units to the aggregate of the unadjusted local reproduction costs for
all assessing units for such railroad company;

(b) Multiply the unadjusted local reproduction cost for each assessing
unit by the ratio computed in (a) above. The result shall be the local
reproduction cost.

3. In making determinations under this section, the commissioner shall
classify the real property of each railroad company as between
transportation or non-transportation so far as may be practicable.

4. In ascertaining depreciation of property under this section,
consideration may be given to physical condition, average service lives
of groups of property and other factors, which, however, shall not
include earnings.

5. As used in this section, the term "value of land" means the value
of similar land in the immediate vicinity used for other than railroad
transportation purposes and the term "value of rights in land in, above
and under any public street, highway or parkway" means ten per cent of
the value of land in the immediate vicinity used for other than railroad
transportation purposes.

6. The determinations made under this section shall reflect so far as
may be practicable the status of the property as of December
thirty-first of the preceding year.

7. In making determinations under this section, the commissioner shall
consider the information contained in accounts maintained pursuant to
the uniform system of accounts for railroad companies prescribed by the
interstate commerce commission and in the publication entitled "Elements
of Value or Property Used in Common Carrier Service" then most recently
issued or made available by the bureau of accounts, cost finding and
valuation of the interstate commerce commission. The commissioner may
consider information available from the commissioner of transportation
and from other sources, including reports required pursuant to section
four hundred eighty-nine-q, and such other information on the subject as
may be available to it.