NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A7494C
SPONSOR: Lupardo TITLE OF BILL: An act to amend the real property tax law, in relation
to establishing assessments for the value of lands that may be used for
prospective natural gas or oil development activities
PURPOSE OR GENERAL IDEA OF BILL: The purpose of this legislation is
to ensure that property owners are not subject to increased property
assessments solely because of the lease or conveyance of oil and gas
rights on other like properties.
SUMMARY OF SPECIFIC PROVISIONS: This bill amends the real property
tax law by adding a new section 582-b that establishes where oil and gas
rights in land have been leased or conveyed, such land shall not be
subject to an increased assessment solely because of such lease or
conveyance on other like properties.
JUSTIFICATION: This bill would clarify the law for non-leaseholders
and provide an additional protection from increased assessments in the
event that like properties sign on to lease or pursue the development of
natural gas and oil rights.
Nothing in this section shall prohibit an assessment increase due to oil
and gas extraction pursuant to title 5 of article 5 of the real property
tax law.
LEGISLATIVE HISTORY: New Bill.
FISCAL IMPLICATIONS: None.
EFFECTIVE DATE: Immediately.
STATE OF NEW YORK
________________________________________________________________________
7494--C
2011-2012 Regular Sessions
IN ASSEMBLY
May 6, 2011
___________
Introduced by M. of A. LUPARDO, REILLY, CROUCH -- Multi-Sponsored by --
M. of A. AMEDORE, GOTTFRIED -- read once and referred to the Commit-
tee on Real Property Taxation -- committee discharged, bill amended,
ordered reprinted as amended and recommitted to said committee --
again reported from said committee with amendments, ordered reprinted
as amended and recommitted to said committee -- reported and referred
to the Committee on Ways and Means -- committee discharged, bill
amended, ordered reprinted as amended and recommitted to said commit-
tee
AN ACT to amend the real property tax law, in relation to establishing
assessments for the value of lands that may be used for prospective
natural gas or oil development activities
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. The real property tax law is amended by adding a new
2 section 582-b to read as follows:
3 § 582-b. Valuation of prospective natural gas or oil development
4 activities. Where oil and gas rights in land have not been leased or
5 conveyed, such land shall not be subject to an increase in assessment
6 solely because of such leases or conveyances on other like properties.
7 Nothing in this section shall prohibit an assessment increase due to oil
8 and gas extraction pursuant to title five of this article.
9 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD10960-05-1
