N.Y. Comp. Codes R. & Regs. tit. 20 § 8196.1

Current through Register Vol. 46, No. 51, December 18, 2024

Section 8196.1 - Separate assessment and entry on the assessment roll; effect on exemptions

(a) Upon the exercise of oil and gas rights resulting in oil and gas production, such rights shall be separately assessed from any other interests in the property, on the basis of economic units, by the methodology set forth in this Part.

(b) Assessment of oil and gas economic units. Oil and gas economic units shall be assessed only in the manner provided in this Title. Notwithstanding the provisions of subdivision (2) of section 502 of the Real Property Tax Law, oil and gas economic units shall be assessed in the name of the producer and shall be described on a separate subsection of the taxable section of the assessment roll by such identifying characters as a tax map land parcel number as defined in section 8185-1.1(a)(279) of this Title, including a unique suffix, or by an oil and gas rights identification code as defined in section 8185-1.1(a)(167) of this Title. Descriptions on the roll shall include, where available, well permit number or other designations assigned by the Department of Environmental Conservation or both.

(c) Prior to production, a lease or other conveyance of oil and gas rights in land which is otherwise entitled to an exemption from taxation, in whole or in part, shall not be considered dispositive by the assessor in determining whether that land is used exclusively for an exempt purpose.

(d) The production of oil or gas by the owner of the land for personal noncommercial purposes shall not be considered dispositive by the assessor in determining whether such land is used exclusively for an exempt purpose.

N.Y. Comp. Codes R. & Regs. Tit. 20 § 8196.1