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NY S08362
Bill
Status
6/25/2010
Primary Sponsor
Catharine Young
Click for details
AI Summary
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Amends subdivision 2 of section 596 of the real property tax law to clarify that leasing or conveying oil and gas rights does not automatically disqualify land from tax exemption status.
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Prohibits assessors from using a lease or conveyance of oil and gas rights alone as justification to increase property assessments without additional evidence of value, such as actual land sale prices.
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Applies only to situations prior to oil and gas production.
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Takes effect immediately upon enactment.
Legislative Description
Provides that the lease or conveyance of oil and gas rights shall not, without other evidence of value, such as actual land sale prices, constitute grounds for increasing assessments.
Last Action
REFERRED TO RULES
6/25/2010