* § 499-llll. Local public utility mass real property value. The
commissioner shall compute the local public utility mass real property
value as follows:

1. The local reproduction cost of the public utility mass real
property of each public utility mass real property owner in every
assessing unit is the cost of reproduction, less depreciation of that
public utility mass real property.

2. In ascertaining depreciation of property under this section,
consideration may be given to the age, physical condition, average
service lives of assets and other relevant factors.

3. Adjustments for economic or functional obsolescence shall only be
made upon application by a public utility mass real property owner.
Every such application shall be submitted with the annual report
required by section four hundred ninety-nine-rrrr of this title.

* NB Repealed January 1, 2027