Gov. Andrew M. Cuomo recently announced that the agricultural land assessment cap will offer more than $23 million in savings for farmers over a two-year period.
First signed into law by the governor in 2013, the cap prevents agricultural assessments from being increased by more than 2 percent per year. The previous cap was set at 10 percent. In the seven years before Cuomo implemented the farmland assessment cap, the base assessment value for agricultural lands nearly doubled. In the first year, after its implementation, farmers saved $11 million. By 2015, annual savings grew to $12 million. The Department of Taxation and Finance projects even greater growth in 2016.
The Finger Lakes region experienced $5,908,435 in regional savings since 2013 due to agricultural assessment cap.
In 2011, the governor implemented a 2 percent property tax cap for all New Yorkers. As a result of the cap, property taxpayers have saved more than $800 on average. If the trend continues, by 2017, the typical taxpayer will have saved more than $2,100 in local property taxes.
For more information, visit on.ny.gov/1QXrJYQ.