NY A07357

Amends Real Property Tax Law to add Section 491-A, authorizing towns with populations between 7,500 and 7,700 located in counties with populations between 900,000 and 920,000 to adopt local laws providing partial real property tax exemptions for properties subject to conservation easement agreements.

Property owners may submit proposals to the town board for conservation easement agreements to preserve open space or agricultural lands, which must be reviewed by the conservation board and approved through a public hearing process with notice to adjacent property owners and school districts.

Exemption percentages range from 50% for 15-29 year commitments to 90% for perpetual easements, commencing on the effective date of the agreement and terminating upon expiration or termination of the easement.

Owners violating conservation easement terms or requesting cancellation must repay five times the taxes saved in the final exemption year plus 6% annual compound interest for up to five years.

County boards and school districts may adopt similar exemptions through local law or resolution, and town boards may opt out of the exemption program by vote at any time.