Assembly Bill A147

2019-2020 Legislative Session

Provides an alternative method of valuating reservoir or watershed property, utilizing the income-expense method

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Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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2019-A147 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add §582-b, RPT L
Versions Introduced in Other Legislative Sessions:
2009-2010: A677
2011-2012: A313
2013-2014: A1381
2015-2016: A2294
2017-2018: A68
2021-2022: A1038

2019-A147 (ACTIVE) - Summary

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

2019-A147 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    147
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                (PREFILED)
 
                              January 9, 2019
                                ___________
 
 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:
 
   Section  1.  The  real  property  tax  law  is amended by adding a new
 section 582-b to read as follows:
   § 582-B. VALUE OF PROPERTY  USED  AS  RESERVOIR.  NOTWITHSTANDING  ANY
 OTHER  PROVISION OF LAW TO THE CONTRARY, THE VALUE OF REAL PROPERTY USED
 AS A RESERVOIR OR FOR WATERSHED PURPOSES SHALL BE BASED ON  THE  INCOME-
 EXPENSE METHOD OF VALUATION FOR PURPOSES OF ASSESSMENTS UNDER THIS CHAP-
 TER.  SUCH  METHOD  OF  VALUATION SHALL BE USED FOR THE VALUATION OF THE
 LAND ITSELF AND SHALL NOT BE DEEMED A VALUATION OF THE  WATER  CONTAINED
 IN  SUCH  RESERVOIR  OR WATERSHED. STRUCTURES OR IMPROVEMENTS ERECTED ON
 SUCH PROPERTY SHALL BE ASSESSED IN THE  USUAL  MANNER  AND  THEIR  VALUE
 ADDED  TO  THE  VALUE  OF  THE  RESERVOIR  OR WATERSHED. NOTHING IN THIS
 SECTION SHALL BE CONSTRUED TO USE A VALUATION METHOD INVOLVING  REPLACE-
 MENT COSTS AND DEPRECIATION OF THE PROPERTY.
   §  2.  This  act  shall take effect immediately and shall apply to the
 valuation of real property for assessment rolls completed  or  filed  in
 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.
                                                            LBD00228-01-9

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