From GOV. ANDREW CUOMO’S OFFICE
Gov. Andrew M. Cuomo announced Feb. 27 more than $36.6 million in savings for farmers across the state through the first three years of the Agricultural Assessment Cap.
Cuomo signed the cap into law in 2013, preventing agricultural assessments from being increased by more than 2 percent per year. The previous cap was set at 10 percent. By keeping assessment increases low, farmers can rely on a more predictable tax climate and better plan for the future.
“Agriculture is a key driver of the New York economy, and we are committed to keeping spending and taxes under control to help ensure the strength and growth of the industry,” Cuomo said. “The savings from this cap provide significant relief to our farmers and support our commitment to protecting farmland for future generations.”
In the first year after the cap was implemented, farmers saved a total of $11 million. In 2016, total annual savings was more than $13.3 million, an increase of more than $1 million over the previous year. The state Department of Taxation and Finance projects even greater savings in 2017.