Bill Text: NY A00677 | 2009-2010 | General Assembly | Introduced

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Bill Title: 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

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2010-01-06 - referred to real property taxation [A00677 Detail]

Download: New_York-2009-A00677-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                          677
                              2009-2010 Regular Sessions
                                 I N  A S S E M B L Y
                                      (PREFILED)
                                    January 7, 2009
                                      ___________
       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    S 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
    6  INCOME-EXPENSE  METHOD  OF  VALUATION  FOR PURPOSES OF ASSESSMENTS UNDER
    7  THIS CHAPTER. SUCH METHOD OF VALUATION SHALL BE USED FOR  THE  VALUATION
    8  OF  THE  LAND  ITSELF  AND  SHALL NOT BE DEEMED A VALUATION OF THE WATER
    9  CONTAINED IN SUCH RESERVOIR OR  WATERSHED.  STRUCTURES  OR  IMPROVEMENTS
   10  ERECTED ON SUCH PROPERTY SHALL BE ASSESSED IN THE USUAL MANNER AND THEIR
   11  VALUE  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    S  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.
                                                                  LBD00632-01-9