NY S02098

Creates a new central assessment program for energy-related public utility mass real property owned by electric, gas, combination gas and electric, or steam corporations, effective January 1, 2025 for assessment rolls with taxable status dates in 2028 and later.

Establishes assessment ceilings calculated by multiplying the property's reproduction cost (less depreciation) by the state equalization rate, with ceilings ranging from 90-110% of prior year assessments in 2026, gradually expanding to 25-175% by 2031.

Grants the Department of Taxation and Finance commissioner authority to determine final assessment ceilings, with property owners and assessing jurisdictions able to challenge tentative ceilings with a 45-day notice period and right to judicial review within 60 days.

Requires annual reporting by utility owners on property information and costs; imposes $100 per day fines for failure to file reports and allows the commissioner to recover costs through annual charges apportioned among property owners.

Mandates the commissioner conduct biennial reviews beginning January 1, 2031 to evaluate whether alternative valuation methodologies should replace the reproduction cost approach and report findings to the governor and legislature.