NY S06546

Removes the December 31, 2016 deadline for New York City to purchase watershed conservation easements in specified upstate counties (Delaware, Dutchess, Greene, Putnam, Schoharie, Sullivan, Ulster, and Westchester).

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 Article 25-AA.

Subjects watershed agricultural easements acquired on or after January 1, 2017 to taxation for all purposes, regardless of whether the underlying land qualifies for agricultural assessment.

Changes "assessment" to "assessed value" in provisions governing how assessors determine taxable value of easements on fully or partially exempt parcels.

Eliminates the requirement that assessors create separate parcels for easement portions and removes the 20-year minimum duration for allocation factors, allowing factors to be revised at any time upon request with appropriate documentation.