NY Farm Bureau Lauds Passage of
Bill That Caps Land Assessments
Farmers in New York just received a big boost to help contain rising property taxes. The Assembly followed up the Senate’s action by unanimously passing a bill that will cap agricultural land assessment increases at 2% a year. This has been a top priority for New York Farm Bureau this legislative session. There has been great concern among our farmer members who have seen rising land values push up property tax bills for farmland in recent years, essentially doubling since 2006. 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 per acre in property taxes, according to Farm Credit East. That is the second highest rate in the country and eats up 15% of a farm’s net income. This puts farmers in this state at a clear competitive disadvantage. “The passage of the 2% cap on agricultural assessments is we...