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S4857Senate2011-2012 Session

Establishes assessments for the value of lands that may be used for prospective natural gas or oil development activities

Sponsor Thomas F. O'MaraSD-53+1 co-sponsorAffects Local Government
Status
In Senate Committee
Local Government
Impact
Pending
Passage
Pending

Bill progress

Step 2 of 7

In committee · Local Government

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Who cares

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Sponsors

Primary sponsor
Thomas F. O'Mara

Senator · Senate District 53

Chair, Elections

1 Co-sponsor

History

  1. Referred to local government
  2. Returned to senate
  3. Died in assembly
  4. Referred to ways and means
  5. Delivered to assembly
  6. Passed senateVote 62–0
  7. Amended on third reading (t) 4857a
  8. Advanced to third reading
  9. 2nd report cal.
  10. 1st report cal.874
  11. Referred to local government

Full text

The text isn't available here yet. Check nysenate.gov.

Sponsor's memo

BILL NUMBER:S4857A

Title of bill

An act to amend the real property tax law, in relation to establishing assessments for the value of lands that may be used for prospective natural gas or oil development activities

Purpose

The purpose of this legislation is to ensure that property owners are not assessed for undeveloped mineral rights.

Summary of provisions

This bill amends the real property tax law by adding a new section 582-b that establishes where oil and gas rights in land have been leased or conveyed, such land shall not be subject to an increase in assessment solely because of such lease or conveyance.

Justification

A person owning property that mayor may not contain undeveloped minerals may choose never to extract those minerals. Without excavating these minerals there would be no way to determine the exact value of such property, therefore, the property should be assessed solely on the current use of the land.

Nothing in this section shall prohibit an assessment increase due to oil and gas extraction pursuant to title 5 of article 5 of the real property tax law.

Legislative history

New Bill.

Fiscal implications

None.

Effective date

Immediately.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.