Authorizes the reduction of assessed value of land subject to a conservation easement conveyed to not-for-profit conservation organization.
TITLE OF BILL: An act to amend the real property tax law, in relation to establishing a reduction in the assessed value of lands burdened by certain conservation easements
PURPOSE: This bill requires that when a property owner grants a conservation easement to a not-for-profit corporation that the grantor's property be assessed to reflect the grant.
SUMMARY OF SPECIFIC PROVISIONS: Adds new section RPTL º 533-A. Requires a reassessment of the value of property after the owner of the property grants a conservation easement to a not-for-profit corporation.
JUSTIFICATION: The granting of a conservation easement to a not-for-profit corporation can have a significant impact on the assessed value of the property to which the easement applies. This bill would assure that an assessment reflecting that change in value be required after such an easement is granted.
PRIOR LEGISLATIVE HISTORY: S.5325 of 2007-08 S.6468 of 2006 S.859 of 2009-2010; Referred to Environmental Conservation S.3310 of 2011-12; Referred to Local Government
FISCAL IMPLICATIONS: None.
EFFECTIVE DATE: Thirty days after it shall have become law.
STATE OF NEW YORK ________________________________________________________________________ 716 2013-2014 Regular Sessions IN SENATE (PREFILED) January 9, 2013 ___________Introduced by Sens. GRISANTI, MARCELLINO -- read twice and ordered printed, and when printed to be committed to the Committee on Local Government AN ACT to amend the real property tax law, in relation to establishing a reduction in the assessed value of lands burdened by certain conserva- tion easements THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The real property tax law is amended by adding a new section 533-a to read as follows: S 533-A. ASSESSMENT OF CONSERVATION EASEMENTS CONVEYED TO CERTAIN ORGANIZATIONS. NOTWITHSTANDING THE PROVISIONS OF SECTION FIVE HUNDRED THIRTY-THREE OF THIS TITLE, UPON CONVEYANCE OF A CONSERVATION EASEMENT TO A NOT-FOR-PROFIT CONSERVATION ORGANIZATION, THE ASSESSED VALUE OF THE INTEREST IN EACH SUBJECT PARCEL RETAINED BY THE GRANTOR OF SUCH EASEMENT SHALL BE MODIFIED TO EFFECT THE CHANGE, IF ANY, IN THE VALUE OF THE LANDS SUBJECT TO SUCH CONSERVATION EASEMENT. S 2. This act shall take effect on the thirtieth day after it shall have become a law and shall apply to the conveyance of conservation easements on or after such date.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD04609-01-3