S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         4857
                              2011-2012 Regular Sessions
                                   I N  S E N A T E
                                    April 27, 2011
                                      ___________
       Introduced  by  Sen.  O'MARA -- read twice and ordered printed, and when
         printed to be committed to the Committee on Local Government
       AN ACT to amend the real property tax law, in relation  to  establishing
         assessments for the value of lands that may be used for mineral rights
         development activities
         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    S  582-B.   VALUATION OF PROSPECTIVE MINERAL RIGHTS DEVELOPMENT ACTIV-
    4  ITIES.  NOTWITHSTANDING ANY OTHER PROVISION OF  LAW  OR  MINERAL  RIGHTS
    5  LEASE,  REAL PROPERTY OWNED OR LEASED THAT MAY HOLD VALUE AS A RESULT OF
    6  MINERAL RIGHTS DEVELOPMENT ACTIVITIES, INCLUDING, BUT  NOT  LIMITED  TO,
    7  NATURAL  GAS  OR  OIL DEVELOPMENT, SHALL BE ASSESSED FOR THE PURPOSES OF
    8  THIS CHAPTER AT A SUM SOLELY REFLECTING THE CURRENT USE OF  SUCH  LANDS,
    9  NOT  INCLUDING THE UNDEVELOPED MINERAL RIGHTS, AND SHALL NOT BE ASSESSED
   10  A VALUE THAT REFLECTS THE UNDEVELOPED MINERAL RIGHTS APPERTAINING TO THE
   11  REAL PROPERTY.
   12    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD11005-01-1