What's happening
This bill requires that property used as a reservoir or watershed be valued for tax purposes using the income-expense method, not replacement cost.
Why it matters
Shifts tax burden calculations for reservoir and watershed land. By requiring the use of the income-expense method, the bill could lower the assessed value (and thus taxes) on these properties, especially for municipalities that own land for public water supply, potentially reducing their tax liabilities.
Excludes water itself from property valuation. The bill clarifies that only the land and structures are to be valued, not the water stored, which can prevent inflated property assessments and disputes over how to value water as a resource.
Aims for consistency and predictability. By standardizing the valuation method across New York, the bill could reduce legal battles between property owners (often public utilities or municipalities) and local governments over which assessment method to use, leading to more predictable tax revenues and budgeting for affected communities.
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Who cares
Headline styles
New Way Value Reservoir Land
Plain English, a few words. Used as the page title.
Sponsors
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History
- Referred to real property taxation
- Referred to real property taxation
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
147
2019-2020 Regular Sessions
IN ASSEMBLY (Prefiled)
January 9, 2019
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 Assembly, do enact as follows:
Section 1. The real property tax law is amended by adding a new section 582-b to read as follows:
§ 582-b. Value of property used as reservoir. Notwithstanding any other provision of law to the contrary, the value of real property used as a reservoir or for watershed purposes shall be based on the incomeexpense method of valuation for purposes of assessments under this chapter. Such method of valuation shall be used for the valuation of the land itself and shall not be deemed a valuation of the water contained in such reservoir or watershed. Structures or improvements erected on such property shall be assessed in the usual manner and their value added to the value of the reservoir or watershed. Nothing in this section shall be construed to use a valuation method involving replacement costs and depreciation of the property.
§ 2. This act shall take effect immediately and shall apply to the valuation of real property for assessment rolls completed or filed in 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.
LBD00228-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.