New York Laws
Title 4-A - Assessment and Taxation of Watershed Conservation Easements and Watershed Agricultural Easements Acquired by or on Behalf of the City of New York For
589 - Change in Allocation Factor.

§ 589. Change in allocation factor. 1. At any time after the
allocation factor is initially certified to the assessing unit, upon the
request of the city or the owner of the parcel burdened by the easement,
the commissioner may compute and certify a new allocation factor based
on a change in circumstances. A request for a review of the allocation
factor shall be made by submitting to the commissioner (a) a written
request by the landowner, (b) a written request by the city setting
forth the claimed change in circumstances, (c) a written stipulation
entered into by the city and the landowner setting forth the new
allocation factor, or (d) an appraisal or appraisals performed by a
licensed real estate appraiser within one year of submission setting
forth the current fair market value of the easement and the current fair
market value of the land subject to the easement exclusive of
improvements and unencumbered by the easement. The commissioner shall
define the changes in circumstances required to change the allocation
factor. The party seeking the change in allocation factor shall provide
copies of the appraisals and written request to the other party.

2. If one party objects to a change in the allocation factor, the
party may submit the appraisals specified in subdivision one of this
section within ninety days of receipt of the other parties' appraisal or
written request.

3. The commissioner shall review the materials submitted and issue a
current allocation factor determined by the materials submitted.

4. If judicial review is sought to challenge a determination under
this section, the action shall be commenced in the county in which the
real property is located.