Governor Andrew Cuomo has signed legislation to cap agricultural land assessments at two percent per year, ensuring a more predictable tax climate for New York’s robust agricultural sector. This legislation will keep farmers on their lands and help them reinvest in their operations.
“With agriculture such a big part of the East End community, it is important to protect our farmers from unsustainable tax hikes and ensure they that stay in business, here, on Long Island,” said New York State Assemblyman Fred W. Thiele, Jr.
Over the past seven years, the base assessment value for agricultural lands has nearly doubled, leading to skyrocketing property tax increases. This, coupled with increases in municipal and school taxes, has led to a difficult business climate for some farmers. Previously, the annual change in the base agricultural assessment property value could not exceed 10 percent. The new legislation signed by Governor Cuomo provides for an annual assessment increase of no more than two percent, which will help maintain agricultural lands in both high pressure development areas as well as rural areas, and save farmers thousands of dollars in property taxes every year.