N.Y. Real Property Tax Law § 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.