* § 499-kkkk. Assessment ceiling. 1. To determine the extent to which
local public utility mass real property shall be exempt under this
title, an assessment ceiling for the local public utility mass real
property shall be established annually by the commissioner as follows:

(a) Determine: (i) the local public utility mass real property value
in accordance with the provisions of section four hundred
ninety-nine-mmmm of this title; and (ii) the equalization rate factor
for the local public utility mass real property in accordance with the
provisions of section four hundred ninety-nine-nnnn of this title.

(b) Multiply the local 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 public utility mass real property
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 public utility mass real property 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. (a) 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 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 public utility mass real property or litigation affecting
the value or taxable status of the local public utility mass real
property initiated prior to the effective date of this section.

(b) For assessment rolls with taxable status dates in the years two
thousand eighteen, two thousand nineteen and two thousand twenty, the
commissioner shall establish no assessment ceiling that is below the
lower limit or above the upper limit specified in this paragraph, except
that the commissioner may establish assessment ceilings below such lower
limit or above such upper limit to take into account any change in level
of assessment and/or to take into account any additions or retirements
to public utility mass real property or litigation affecting the value
or taxable status of the local public utility mass real property
initiated prior to the effective date of this section.

(i) For assessment rolls with taxable status dates in two thousand
eighteen, the assessment ceiling shall not be less than seventy-five
percent or more than one hundred twenty-five percent of the assessment
of such local public utility mass real property appearing on the
municipal assessment roll with a taxable status date occurring in the
year two thousand thirteen.

(ii) For assessment rolls with taxable status dates in two thousand
nineteen, the assessment ceiling shall not be less than fifty percent or
more than one hundred fifty percent of the assessment of such local
public utility mass real property appearing on the municipal assessment
roll with a taxable status date occurring in the year two thousand
thirteen.

(iii) For assessment rolls with taxable status dates in two thousand
twenty, the assessment ceiling shall not be less than twenty-five
percent or more than one hundred seventy-five percent of the assessment
of such local public utility mass real property appearing on the
municipal assessment roll with a taxable status date occurring in the
year two thousand thirteen.

* NB Repealed January 1, 2027