Gov. Andrew Cuomo today signed a bill to cap agricultural property assessments at two percent per year to help keep farmers in business.
“Protecting our farmers from unsustainable tax hikes is part of our work to change our state’s reputation as the tax capital of the nation by controlling spending while reducing the tax burden on New Yorkers,” Cuomo said in a statement.
The new tax caps aim to save farmers thousands of dollars in property taxes every year, supporters of the measure said. New York has a tax cap on property taxes that limits the growth to about 2 percent a year.
“Putting the breaks on rising agricultural land assessments shows Governor Cuomo’s commitment to helping control the heavy property tax burden to helping control the heavy property tax burden our farmers carry,” President of state Farm Bureau Dean Norton said in a statement.
Previously, the annual assessment of properties could be raised up to 10 percent. With 25 percent of state land used as agriculture, lawmakers said the higher taxes put the state at a competitive disadvantage.
“The signing of this bill into law comes at a crucial time for our state’s farmers, who have been carrying far too large a tax burden,” Assemblyman Phil Palmesano, R-Corning, Steuben County, said in a statement.