Bill Text: NY A01038 | 2021-2022 | General Assembly | Introduced

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Bill Title: Provides that reservoir or watershed real property shall be assessed utilizing the income-expense method.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2022-01-05 - referred to real property taxation [A01038 Detail]

Download: New_York-2021-A01038-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1038

                               2021-2022 Regular Sessions

                   IN ASSEMBLY

                                     January 7, 2021
                                       ___________

        Introduced by M. of A. CAHILL -- read once and referred to the Committee
          on Real Property Taxation

        AN ACT to amend the real property tax law, in relation to an alternative
          valuation  method  to  be utilized for property used as a reservoir or
          watershed

          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:

     1    Section  1.  The  real  property  tax  law  is amended by adding a new
     2  section 582-b to read as follows:
     3    § 582-b. Value of property  used  as  reservoir.  Notwithstanding  any
     4  other  provision of law to the contrary, the value of real property used
     5  as a reservoir or for watershed purposes shall be based on  the  income-
     6  expense method of valuation for purposes of assessments under this chap-
     7  ter.  Such  method  of  valuation shall be used for the valuation of the
     8  land itself and shall not be deemed a valuation of the  water  contained
     9  in  such  reservoir  or watershed. Structures or improvements erected on
    10  such property shall be assessed in the  usual  manner  and  their  value
    11  added  to  the  value  of  the  reservoir  or watershed. Nothing in this
    12  section shall be construed to use a valuation method involving  replace-
    13  ment costs and depreciation of the property.
    14    §  2.  This  act  shall take effect immediately and shall apply to the
    15  valuation of real property for assessment rolls completed  or  filed  in
    16  the year following the effective date of this act.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01306-01-1