A bill written by Assemblyman William Magee to extend the current real
property tax exemption for new farm buildings until 2029 recently passed the Assembly.
The bill, A-10057, extends the property
tax exemption for increases in value due to construction or improvement of
buildings needed for farm operations by 10 years.
“Farmers work from sunrise to
sundown to produce everything from crops to dairy products for our families,”
Magee said. “But the cost of running and maintaining a farm is a lot to keep up
with. This tax exemption is critical in helping farmers update their buildings
and infrastructure and invest in businesses so they can afford to stay open and
keep growing.”
Farm upkeep can be very costly,
and building or upgrading vital structures like milking parlors, barns and
stables is an expense many family farms can’t afford, Magee noted. The
structures must abide by regulations that can drive these costs up even
further. The bill helps lessen this burden, Magee said.
“Many farmers have invested in
newer style milk barns which are more open, airy and efficient,” said Nelson
Town Supervisor Roger Bradstreet. “Property tax assistance for this investment
is helpful. I encourage the New York Senate to pass this important legislation, as the
New York state Assembly has done in recent weeks.”
As the chair of the Assembly
Committee on Agriculture, Magee has been a vocal advocate for farmers.
Expanding the real property tax exemption and lowering the cost of production
encourages farmers to invest in their farms, helps make farms more profitable
and makes it easier to pass farms down to the next generation and keep them in
the family, Magee noted.
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