NY Real Prop Tax L § 586 (2021)
2021 New York Laws RPT - Real Property Tax Article 5 - Assessment Procedure Title 4-A - Assessment and Taxation of Watershed Conservation Easements and Watershed Agricultural Easements Acquired by or on Behalf of the City of New York For 586 - Assessment of Watershed Conservation Easements and Watershed Agricultural Easements.

§  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.