Bill Text: NY S04857 | 2011-2012 | General Assembly | Introduced
Bill Title: Establishes assessments for the value of lands that may be used for prospective natural gas or oil development activities.
Spectrum: Partisan Bill (Republican 2-0)
Status: (Engrossed - Dead) 2012-01-04 - REFERRED TO LOCAL GOVERNMENT [S04857 Detail]
Download: New_York-2011-S04857-Introduced.html
S T A T E O F N E W Y O R K
________________________________________________________________________
4857
2011-2012 Regular Sessions
I N S E N A T E
April 27, 2011
___________
Introduced by Sen. O'MARA -- 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
assessments for the value of lands that may be used for mineral rights
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 S 582-B. VALUATION OF PROSPECTIVE MINERAL RIGHTS DEVELOPMENT ACTIV-
4 ITIES. NOTWITHSTANDING ANY OTHER PROVISION OF LAW OR MINERAL RIGHTS
5 LEASE, REAL PROPERTY OWNED OR LEASED THAT MAY HOLD VALUE AS A RESULT OF
6 MINERAL RIGHTS DEVELOPMENT ACTIVITIES, INCLUDING, BUT NOT LIMITED TO,
7 NATURAL GAS OR OIL DEVELOPMENT, SHALL BE ASSESSED FOR THE PURPOSES OF
8 THIS CHAPTER AT A SUM SOLELY REFLECTING THE CURRENT USE OF SUCH LANDS,
9 NOT INCLUDING THE UNDEVELOPED MINERAL RIGHTS, AND SHALL NOT BE ASSESSED
10 A VALUE THAT REFLECTS THE UNDEVELOPED MINERAL RIGHTS APPERTAINING TO THE
11 REAL PROPERTY.
12 S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD11005-01-1
