NY S03175

Excludes water system property owned by private water-works corporations from the definition of "special franchise" for property tax assessment purposes in counties with populations of one million or more that are special assessing units

Applies specifically to Nassau and Suffolk Counties on Long Island, which meet the population and special assessing unit criteria

Requires any tax relief realized by private water-works corporations under this exemption to be used to reduce current water rates and offset future water rate increases for customers

Amends section 102 of the Real Property Tax Law to add this new exclusion alongside existing exemptions for telephone company equipment, municipal property, and short street crossings