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CONRAIL APPEALING PROPERTY TAX ASSESSMENTS IN NEW YORK STATE

 PHILADELPHIA, May 18 /PRNewswire/ -- Consolidated Rail Corporation (NYSE: CRR) announced today that it is appealing tax assessments on its property in two communities in New York State, Ithaca and North Tonawanda.
 Two hundred ninety more appeals will be filed on May 25.
 Conrail is still involved in multi-party negotiations over railroad property taxes in New York and is hopeful that a legislative solution can be found. In the meantime, however, local tax appeal deadlines are fast approaching and must be met.
 "Our sincere hope is that we can resolve the tax issue at the state level," said Jack Barthwell III, Conrail's executive director of state and local affairs, based in Albany. "But we cannot let the deadlines for filing local appeals pass. If we did, we would be left with no recourse in the event of deadlocked talks with the state."
 In 1992, Conrail paid $23.5 million in property taxes in New York State. That is virtually the same amount that Conrail paid in the other 13 states in which it operates, combined, even though New York contains only 18 percent of Conrail's track. Conrail paid a total of $47.6 million in property taxes for its entire system, including New York, in 1992.
 "We believe we make an important contribution to this state's economy," said Barthwell, "but we don't believe we should have to pay more than our fair share."
 Conrail operates a rail freight network in 14 Northeastern and Midwestern states, the District of Columbia, and the Province of Quebec.
 /delval/
 -0- 5/18/93
 /CONTACT: Chris Wagner or Bob Libkind of Conrail, 215-209-4594/
 (CRR)


CO: Consolidated Rail Corporation; Conrail ST: New York IN: TRN SU:

JM -- PH015 -- 9747 05/18/93 12:02 EDT
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Publication:PR Newswire
Date:May 18, 1993
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