[Adopted 12-27-1994 as part of L.L.
No. 59-1994]
It is the purpose of this article to provide for a uniform and orderly procedure for assessing land which is subject to the restrictions of a trail preservation agreement under Article VII of Chapter 247. Subdivision 3 of § 247 of the General Municipal Law requires that the valuation of lands for real property tax purposes take into account the limitation on land use imposed by such an agreement restricting the future use of the land.
A.
After acquisition of such interest pursuant to Article VII of Chapter 247 of this Code, the valuation placed upon such area for purposes of real estate taxation shall take into account and be limited by the limitation on the future use of the portion of the land that will be committed to a trail use.
B.
The provisions of this section shall only be applicable
to land assessments and shall not in any way be applied to the assessment
of any buildings or structures located on a parcel subject to a trail
preservation agreement.
