Continued tax relief for New York farmers and growersStaff Writer |
Empire State New York farm
Governor Andrew M. Cuomo announced the extension of the state's Real Property Tax Law exemption on farm buildings, which will provide continued tax relief for New York farmers and growers.
The Real Property Tax Law exemption was extended for the next 10 years and applies to newly constructed and re-constructed agricultural buildings through January 1, 2029.
Since it was last renewed in 2008, the exemption for farm structures is estimated to have saved New York farmers more than $112.8 million.
The exemption has helped support the growth of New York's agricultural industry by allowing farmers and growers to use the money saved to invest in their operations, purchase new equipment and modernize facilities, which increases the farms' competitiveness and profitability.
Agricultural buildings have been exempt from state taxation for decades, but the law granting the exemption was set to expire on New Year's Day 2019. The new law, sponsored by Assemblyman Bill Magee and Senator Patty Ritchie, amends New York State's Real Property Tax Law to extend the tax break and ensure it will remain in effect for the next decade. ■
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