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Article: CSX, Norfolk Southern Consider Suing New York State over Property Tax.(Knight Ridder/Tribune Business News)
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 2, 2000
- Author:
CopyrightCOPYRIGHT 2000 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Aug. 2--The pending expiration of a statewide property tax settlement with the northeast's two major freight railroads could stall local rail improvements and lead to a court battle tying up millions of tax dollars now going to localities.
CSX Corp. and Norfolk Southern Corp. are hesitant to invest in property improvements, including expanded rail yards and new bridges, until their tax status is settled.
The two railroads pay higher property tax bills here, compared with other states, because New York has a unique formula for assessing rail property.
Conrail negotiated a tax settlement in 1997 freezing the railroad's assessed values from 1993 ...