Governor Cuomo Announces $36 Million in Savings to Farmers Through Agricultural Assessment Cap
Savings Reflect Three-Year Combined Total for New York State Farmers
Governor Andrew M. Cuomo recently announced more than $36.6 million in
savings for farmers across the state through the first three years of
the Agricultural Assessment Cap. Governor Cuomo
signed the cap into law in 2013, preventing agricultural assessments from being
increased by more than two percent per year. The previous cap was set
at 10 percent. By keeping assessment increases low, farmers can rely on
a more predictable tax climate and better plan for the future.
“Agriculture is a key driver of the New York economy, and we are
committed to keeping spending and taxes under control to help ensure the
strength and growth of the industry,”
Governor Cuomo said. “The savings from this cap provide significant relief to our farmers
and support our commitment to protecting farmland for future generations.”
In the first year after the cap was implemented, farmers saved a total
of $11 million. In 2016, total annual savings was more than $13.3 million,
an increase of more than $1 million over the previous year. The Department
of Taxation and Finance projects even greater savings in 2017.
Regional Savings Resulting From Agricultural Assessment Cap since 2013 |
|
Capital Region |
$4,390,225 |
Central New York |
$2,755,720 |
Finger Lakes |
$9,711,784 |
Long Island |
$3,625,731 |
Mid-Hudson |
$8,773,829 |
Mohawk Valley |
$1,018,714 |
North Country |
$1,136,150 |
Southern Tier |
$3,293,222 |
Western New York |
$1,935,453 |
Total |
$36,640,827 |
More than 20 percent of the land in New York State, 7.3 million acres,
is used for farming. To receive an agricultural assessment, the land must
meet certain eligibility requirements and landowners must submit an application
to their local assessor. The deadline for most farms to apply for 2017
is March 1. This deadline may vary depending on individual municipalities.
Find more information on the program, including applications, instructions
and eligibility requirements
here.
Agriculture Commissioner Richard A. Ball said, “The Governor’s efforts to rein in skyrocketing property taxes
has eased the burden on New York’s farmers, allowing them to reinvest
in their businesses and helping them remain competitive by keeping costs
down. As we look ahead, I encourage all eligible farmers to apply for
an agricultural assessment to protect them from unforeseen hikes in their
land value.”
Acting Commissioner of Taxation and Finance Nonie Manion said, “Governor Cuomo's commitment to our state's agriculture industry
is unmatched and this effort to reduce the property tax burden for farmers
is proof. These savings allow farmers to reinvest in their workforce,
land, and business to nurture positive growth throughout their local communities."
David Fisher, President of the New York Farm Bureau, said, "Securing the Agricultural Assessment Cap was a priority for our
members to help control rising property taxes associated with climbing
land values. It has proven to be valuable to farmers across the State.
Not only has it helped to rein in rising tax bills, but the cap helps
keep farmland in production, especially in areas facing development pressure."
Senate Agriculture Committee Chair Patty Ritchie said, "In recent years, the Agricultural Assessment Cap has helped to control
costs and provide a sense of stability to hardworking farmers across the
Empire State. Property taxes are one of the most significant expenses
farmers face, and through this cap—which I was proud to support—farmers
are able to remain on their land, one day pass their operations on to
the next generation and be part of the work to grow and preserve the future
of farming in New York State.”
Assembly Agriculture Committee Chair Assemblyman Bill Magee said, “By capping soaring agricultural land assessments at 2% we have
been able to provide relief for New York’s farmers from excessive
business costs, and allowing them the option to expand and invest in the
growth and expansion of their farms, and helping to keep our agricultural
lands in production.”
In 2011, the Governor implemented a two percent property tax cap for all
New Yorkers. The tax cap is one in a series of tax relief initiatives
pursued by Governor Cuomo in an effort to provide much needed relief to
businesses and homeowners. As a result of the cap, property taxpayers
have saved more than $800 on average. This year, the typical taxpayer
is expected to have saved more than $2,100 in local property taxes.