Provides that the lease or conveyance of oil and gas rights shall not, without other evidence of value, such as actual land sale prices, constitute grounds for increasing assessments.
STATE OF NEW YORK
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548
2017-2018 Regular Sessions
IN SENATE(Prefiled)
January 4, 2017
___________
Introduced by Sens. YOUNG, GALLIVAN, O'MARA, RANZENHOFER -- 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 the lease or
conveyance of oil and gas rights in lands and grounds for increasing
assessments
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 2 of section 596 of the real property tax law,
2 as added by chapter 846 of the laws of 1981, is amended to read as
3 follows:
4 2. Prior to production, a lease or other conveyance of oil and gas
5 rights in land which is otherwise entitled to an exemption from taxa-
6 tion, in whole or in part, shall not be considered dispositive by the
7 assessor in determining whether that land is used exclusively for an
8 exempt purpose. A lease or other conveyance of oil and gas rights shall
9 not, without other evidence of value, such as actual land sale prices,
10 constitute grounds to increase an assessment.
11 § 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD05887-01-7
