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NY A01038
Bill
Status
Introduced
1/7/2021
Primary Sponsor
Kevin Cahill
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AI Summary
- Amends real property tax law to require valuation of property used as a reservoir or watershed based on the income-expense method rather than other valuation approaches
- Specifies that the income-expense method applies only to the land itself and does not valuate the water contained in the reservoir or watershed
- Requires structures or improvements on such property to be assessed separately using the usual assessment method, with their value added to the reservoir or watershed land value
- Prohibits use of valuation methods involving replacement costs and depreciation of the property
- Takes effect immediately and applies to assessment rolls completed or filed in the year following enactment
Legislative Description
Provides that reservoir or watershed real property shall be assessed utilizing the income-expense method.
Last Action
referred to real property taxation
1/5/2022
Committee Referrals
Real Property Taxation1/7/2021
Full Bill Text
No bill text available