NY A01294

Establishes a central assessment program for energy-related public utility mass real property (transmission and distribution infrastructure owned by electric, gas, combination gas-electric, or steam corporations) administered by the commissioner of taxation and finance.

Creates an assessment ceiling system for tax years 2028-2031 with graduated limits (90-110% for 2026, 75-125% for 2029, 50-150% for 2030, 25-175% for 2031) based on prior year assessments, with exemptions for excess assessed valuations above the ceiling.

Requires property owners to submit annual reports to the commissioner containing reproduction cost and depreciation data; owners failing to report forfeit judicial review rights and face $100 per day fines.

Authorizes the commissioner to collect annual charges from property owners to cover program costs, subject to director of budget approval and Article 78 challenge rights.

Requires the commissioner to biennial review the valuation methodology (currently reproduction cost less depreciation) starting January 1, 2031 and report findings and recommendations to the governor and legislature by December 31 of each biennial period.