New York State’s cap on farmland assessments has saved Long Island farmers nearly $2.4 million in property taxes since it was signed into law in 2013, according to a press release from State Assemblyman Fred W. Thiele Jr.
Statewide, farmers saved approximately $23 million thanks to the cap, which limits assessments on agricultural land to increases of no more than 2 percent each year. Prior to 2013, the limit had been set at 10 percent.
“The continued escalation of land values on the East End, coupled with increasing expenses of owning and operating a farm, have forced many of our local farmers to cease and sell their land,” Mr. Thiele stated. “This cap provides much needed relief for our farmers.”
Applications for the assessment program can be found at www.tax.ny.gov.
27east on May 9, 2016