$36 million in savings to farmers in New YorkStaff Writer | February 27, 2017
Governor Andrew M. Cuomo announced more than $36.6 million in savings for farmers across the state through the first three years of the Agricultural Assessment Cap.
Empire State Agricultural Assessment Cap
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.
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.
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. ■