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Who cares
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Sponsors
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History
- Referred to local government
- Referred to local government
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to establishing a reduction in the assessed value of lands burdened by certain conservation easements
Purpose
This bill requires that when a property owner grants a conservation easement to a not-for-profit corporation that the grantor's property be assessed to reflect the grant.
Summary of provisions
Adds new section RPTL § 533-A. Requires a reassessment of the value of property after the owner of the property grants a conservation easement to a not-for-profit corporation.
Justification
The granting of a conservation easement to a not-for-profit corporation can have a significant impact on the assessed value of the property to which the easement applies. This bill would assure that an assessment reflecting that change in value be required after such an easement is granted.
LEGISLATIVE. HISTORY : S.5325 of 2007-08 S.6468 of 2006
Fiscal implications
None.
Effective date
Thirty days after it shall have become law.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.