N.Y. Railroad Law § 144

§ 144. Assessment of property of new or surviving corporation. The\nreal estate of such new or surviving corporation, situate within this\nstate, shall be assessed and taxed in the several towns and cities where\nthe same shall be situated in like manner as the real estate of other\nrailroad corporations is or may be taxed and assessed, and such\nproportion of the capital stock and personal property of such new or\nsurviving corporation shall in like manner be assessed and taxed in this\nstate, as the number of miles of its railroad situate in this state\nbears to the total number of miles of its railroad.\n