New York Legislature passes 2% agricultural assessment cap on property taxes
New York farmers received a big boost to help contain rising property taxes, according to Jay M. Matteson agricultural coordinator with the Jefferson County (New York) Industrial Development Agency. The New York Assembly followed up the state Senate's action by unanimously passing a bill that will cap agricultural land assessment increases at 2% a year. Rising land values have pushed up property tax bills for farmland in recent years, essentially doubling since 2006.
New York agricultural land assessments are dictated by a complicated formula that takes into account national production value statistics and soil type. Currently, New York farmers pay $38.41/acre in property taxes, according to Farm Credit East. That is the second highest rate in the country.
While the legislation will address the immediate needs of farmers, New York Farm Bureau is also advocating for the establishment of a working group comprised of stakeholders and experts to address the long-term problem of agricultural assessment valuation.