NY A03072

Establishes an energy-related public utility mass real property central assessment program under a new Title 6 in Article 4 of the real property tax law, effective January 1, 2023 for assessment rolls with taxable status dates on or after 2026.

Creates a centralized assessment process where the commissioner of taxation and finance determines annual assessment ceilings for utility-owned property used in electricity, gas, or steam transmission and distribution, using reproduction cost less depreciation methodology.

Implements phased-in assessment ceiling limits for 2026-2029: 90-110% of 2023 assessments (2026), 75-125% of 2022 assessments (2027), 50-150% of 2022 assessments (2028), and 25-175% of 2023 assessments (2029).

Requires utilities to file annual reports with the commissioner and pay annual fees to cover administrative costs, with utilities able to challenge assessments through complaints to the commissioner or judicial proceedings in Albany Supreme Court within 60 days.

Mandates biennial review by the commissioner starting January 1, 2029 to evaluate whether utility property remains a "specialty" and assess alternative valuation methodologies beyond reproduction cost approach.