NY A10675

Removes the December 31, 2016 deadline for New York City's purchase of watershed conservation easements, allowing acquisitions after that date to qualify for tax treatment.

Establishes that watershed agricultural easements acquired before January 1, 2011 are exempt from taxation if the burdened land receives an agricultural assessment under agriculture and markets law.

Makes watershed agricultural easements acquired on or after January 1, 2017 subject to taxation regardless of whether the land receives an agricultural assessment.

Clarifies assessment procedures by requiring easements (whether encumbering entire parcels or portions thereof) to be entered as separate parcels on assessment rolls in the name of New York City.

Eliminates the 20-year minimum holding period before allocation factors for easements can be modified, allowing changes at any time after the factor is initially certified upon request of the city or property owner.