§ 586. Assessment of watershed conservation easements and watershed
agricultural easements. 1. Upon acquisition of a watershed conservation
easement or a watershed agricultural easement, there shall be determined
an allocation factor applicable to each parcel subject to such easement.
The allocation factor shall be the portion of the value of each parcel
which the easement represents, expressed as a percentage. This
percentage shall be a fraction, the numerator of which is the fair
market value of the easement as finally determined by the city's
independent appraisal and the denominator of which is the fair market
value of the land subject to the easement, exclusive of improvements and
unencumbered by the easement, as finally determined in the city's
independent appraisal. The city shall forthwith certify each such
allocation factor to the appropriate assessing unit and to the owner of
the land subject to the easement. The city shall supply to the assessing
unit and the commissioner the following information used in conjunction
with the acquisition of the easement:

(a) the fair market value of the easement as finally determined in the
city's independent appraisal;

(b) the fair market value of the land subject to the easement
exclusive of improvements and unencumbered by the easement as finally
determined in the city's independent appraisal;

(c) the fair market value of each improvement, on the land subject to
the easement, as finally determined by the city's independent appraisal;

(d) the name and address of the owner;

(e) the location of the parcel including the tax map parcel
designation;

(f) the date the easement was acquired; and

(g) such other information as the assessor may subsequently require
for assessment purposes.

2. The assessment of a watershed conservation easement or watershed
agricultural easement shall be determined by multiplying the allocation
factor for that easement as computed in subdivision one of this section
by the assessment determined by the assessor for the land subject to
such easement exclusive of the improvements thereon. After subtracting
the assessment for each watershed conservation easement or watershed
agricultural easement from the parcel's total assessment, the remaining
assessment shall be entered on the assessment roll as taxable to the
owner of the property. Each watershed conservation easement or watershed
agricultural easement, whether it encumbers the entire parcel or only a
portion thereof, shall be entered as a separate parcel on the taxable
portion of the assessment roll and shall be assessed in the name of the
city of New York.

3. Not later than twenty days prior to the date provided by law for
the completion of the tentative assessment roll in any assessing unit in
which watershed conservation easements or watershed agricultural
easements are subject to taxation, but in no event any earlier than the
taxable status date for such roll, the assessor shall notify the city of
the amount of the assessments of such easements and the amount of the
assessments of the lands subject to such easements. In the case of a
village which has enacted a local law as provided in subdivision three
of section fourteen hundred two of this chapter, the town or county
assessor, who prepared a copy of the applicable part of the town or
county assessment roll for village tax purposes, shall also notify the
city of the amount of the assessments of such easements and the amount
of the assessments of the lands subject to such easements located within
the village.

4. The city and the owner of the burdened parcel shall each be a
person aggrieved by the assessment of the parcel or parcels burdened by
watershed conservation easements or watershed agricultural easements for
the purpose of seeking administrative and/or judicial review of such
assessments. Whenever the city or property owner seeks administrative or
judicial review of the assessment of the land subject to such easement,
the party seeking review shall provide a copy of the complaint or
petition to the other party with an interest in the parcel subject to
the easement within twenty days of the filing of a complaint or the
service of a petition. The noncomplaining party (owner or city) shall be
deemed a party to the proceeding with full rights to participate and
bound by the determination of such proceeding.

5. (a) Where a watershed conservation easement or agricultural
conservation easement is acquired:

(i) On a parcel of property which is otherwise fully exempt from
taxation, the assessor shall determine the taxable assessed value of the
easement by multiplying the allocation factor by the total assessed
value of the land; or

(ii) On a parcel of property which is partially exempt from taxation,
the assessor shall determine the taxable assessed value of the easement
by multiplying the allocation factor by the total assessed value of the
land; or

(iii) On a parcel of property which is partially exempt from taxation,
the taxable assessed value of the burdened parcel shall be calculated by
pro-rating the partial exemption in the same proportion as the
allocation factor. The owner of the burdened parcel shall be entitled to
the pro-rated portion of the exemption.

(b) The provisions of this subdivision shall not apply to watershed
agricultural easements as described in subdivision one of section five
hundred eighty-five of this title or to parcels burdened by such
easements.

6. Whenever a watershed conservation easement or watershed
agricultural easement encumbers a parcel containing improvements, those
improvements shall be separately assessed in the name of the owner
thereof.