What does Tax Class 3 (TC 3) primarily encompass?

Tax Class 3 (TC 3) primarily encompasses utility company equipment, which includes the physical assets used by utility companies to provide services like electricity, gas, and steam to consumers in New York City. This classification is specifically designed to differentiate these types of properties from other classes, ensuring they are assessed and taxed in a manner that recognizes their unique role in infrastructure and service provision.

Utility equipment is critical for city functionality, and by classifying these assets distinctly, the New York City tax system can manage their valuation and taxation appropriately, reflecting the costs and operations associated with utility service delivery.

This classification does not extend to residential properties, special franchise property, or office buildings and stores, which all fall into different tax classes to streamline the assessment process based on their respective characteristics and usage within the city's economy.