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.