Section 586. Assessment of watershed conservation easements and watershed agricultural easements

1. Upon acquisition of a watershed  conservation
  easement or a watershed agricultural easement, there shall be determined
  an allocation factor applicable to each parcel subject to such easement.
  The  allocation  factor shall be the portion of the value of each parcel
  which  the  easement  represents,  expressed  as  a  percentage.    This
  percentage  shall  be  a  fraction,  the  numerator of which is the fair
  market value of  the  easement  as  finally  determined  by  the  city's
  independent  appraisal  and  the denominator of which is the fair market
  value of the land subject to the easement, exclusive of improvements and
  unencumbered by the  easement,  as  finally  determined  in  the  city's
  independent  appraisal.  The  city  shall  forthwith  certify  each such
  allocation factor to the appropriate assessing unit and to the owner  of
  the land subject to the easement. The city shall supply to the assessing
  unit  and  the state board the following information used in conjunction
  with the acquisition of the easement:
    (a) the fair market value of the easement as finally determined in the
  city's independent appraisal;
    (b) the fair  market  value  of  the  land  subject  to  the  easement
  exclusive  of  improvements  and unencumbered by the easement as finally
  determined in the city's independent appraisal;
    (c) the fair market value of each improvement, on the land subject  to
  the easement, as finally determined by the city's independent appraisal;
    (d) the name and address of the owner;
    (e)   the  location  of  the  parcel  including  the  tax  map  parcel
  designation;
    (f) the date the easement was acquired; and
    (g) such other information as the assessor  may  subsequently  require
  for assessment purposes.
    2.  The  assessment  of a watershed conservation easement or watershed
  agricultural easement shall be determined by multiplying the  allocation
  factor  for that easement as computed in subdivision one of this section
  by the assessment determined by the assessor for  the  land  subject  to
  such  easement  exclusive of the improvements thereon. After subtracting
  the assessment for each watershed  conservation  easement  or  watershed
  agricultural  easement from the parcel's total assessment, the remaining
  assessment shall be entered on the assessment roll  as  taxable  to  the
  owner of the property. Each watershed conservation easement or watershed
  agricultural  easement  shall  be  entered  as  a separate parcel on the
  taxable portion of the assessment roll and shall be assessed in the name
  of the city of New York.
    3. Not later than twenty days prior to the date provided  by  law  for
  the completion of the tentative assessment roll in any assessing unit in
  which   watershed   conservation  easements  or  watershed  agricultural
  easements are subject to taxation, but in no event any earlier than  the
  taxable status date for such roll, the assessor shall notify the city of
  the  amount  of  the assessments of such easements and the amount of the
  assessments of the lands subject to such easements. In  the  case  of  a
  village  which  has enacted a local law as provided in subdivision three
  of section fourteen hundred two of this  chapter,  the  town  or  county
  assessor,  who  prepared  a  copy  of the applicable part of the town or
  county assessment roll for village tax purposes, shall also  notify  the
  city  of  the amount of the assessments of such easements and the amount
  of the assessments of the lands subject to such easements located within
  the village.
    4. The city and the owner of the  burdened  parcel  shall  each  be  a
  person  aggrieved by the assessment of the parcel or parcels burdened by
  watershed conservation easements or watershed agricultural easements for

  the purpose of seeking administrative and/or  judicial  review  of  such
  assessments. Whenever the city or property owner seeks administrative or
  judicial  review of the assessment of the land subject to such easement,
  the  party  seeking  review  shall  provide  a  copy of the complaint or
  petition to the other party with an interest in the  parcel  subject  to
  the  easement  within  twenty  days  of the filing of a complaint or the
  service of a petition.  The noncomplaining party (owner or  city)  shall
  be  deemed a party to the proceeding with full rights to participate and
  bound by the determination of such proceeding.
    5.  (a)  Where  a  watershed  conservation  easement  or  agricultural
  conservation easement is acquired:
    (i)  On  a  parcel  of  property  which is otherwise fully exempt from
  taxation, the assessor shall determine the  taxable  assessment  of  the
  easement  by  multiplying  the  allocation  factor by the total assessed
  value of the land; or
    (ii) On a parcel of property which is partially exempt from  taxation,
  the  assessor  shall determine the taxable assessment of the easement by
  multiplying the allocation factor by the total  assessed  value  of  the
  land; or
    (iii) On a parcel of property which is partially exempt from taxation,
  the taxable assessed value of the burdened parcel shall be calculated by
  pro-rating   the  partial  exemption  in  the  same  proportion  as  the
  allocation factor. The owner of the burdened parcel shall be entitled to
  the pro-rated portion of the exemption.
    (b) The provisions of this subdivision  shall  not  apply  to  parcels
  receiving  an agricultural assessment pursuant to article twenty-five-AA
  of the agriculture and markets law.
    6.  Whenever  a   watershed   conservation   easement   or   watershed
  agricultural easement encumbers only a portion of a parcel, the assessor
  shall  henceforth  enter  that  portion of the parcel encumbered by such
  easement as a separate parcel on all subsequent assessment rolls.
    7.  Whenever  a   watershed   conservation   easement   or   watershed
  agricultural  easement encumbers a parcel containing improvements, those
  improvements shall be separately assessed  in  the  name  of  the  owner
  thereof.