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Assembly Bill A313

2011-2012 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

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2011-A313 (ACTIVE) - Details

Current Committee:
Assembly Real Property Taxation
Law Section:
Real Property Tax Law
Laws Affected:
Add ยง582-b, RPT L
Versions Introduced in Other Legislative Sessions:
2009-2010: A677
2013-2014: A1381
2015-2016: A2294
2017-2018: A68
2019-2020: A147
2021-2022: A1038

2011-A313 (ACTIVE) - Summary

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

2011-A313 (ACTIVE) - Bill Text download pdf 

                            
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   313

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                               (PREFILED)

                             January 5, 2011
                               ___________

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:
  S 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 CHAPTER. 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.
  S  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.
                                                           LBD01032-01-1

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