From Gov. Cuomo's office:
The state's Real Property Tax
Law exemption on farm buildings, which provides continued tax relief for
New York farmers and growers, has been extended.
The Real Property Tax Law exempts agricultural
producers from paying real property tax on buildings that are essential to the
production of agricultural or horticultural products, such as temporary
greenhouses, dairy barns and exercise arenas for horse-boarding
operations.
"New
York's agricultural industry is a major sector of our economy, and it's
critical that we continue to support local farmers and growers," said Gov. Andrew Cuomo in announcing the extension.
"This tax exemption will help New York's hard-working
agricultural producers invest in their farms and grow their businesses, and as
a result increase competitiveness and productivity for years to come," he said
The
Real Property Tax Law exemption was extended for the next 10 years and applies
to newly constructed and re-constructed agricultural buildings through Jan.
1, 2029. Since it was last renewed in 2008, the exemption for farm structures
is estimated to have saved New York farmers more than $112.8 million.
The
exemption has helped support the growth of New York's agricultural industry by
allowing farmers and growers to use the money saved to invest in their
operations, purchase new equipment and modernize facilities, which increases
the farms' competitiveness and profitability.
Agricultural
buildings have been exempt from state taxation for decades, but the law
granting the exemption was set to expire on New Year's Day 2019. The new law,
sponsored by Assemblyman Bill Magee and Sen. Patty Ritchie -- chairs of the Assembly and Senate ag committees, respecftively -- amends New York
State's Real Property Tax Law to extend the tax break and ensure it will remain
in effect for the next decade.
The
law prohibits tax increases based on the value of construction or improvement
of structures that are used for essential agricultural operations. That
includes the cultivation, harvest and storage of commodities; the feeding,
breeding and management of livestock; and housing for farm employees.
Housing
for immediate family members is not covered by the exemption unless the family
members are non-owners and critical to the commercial operation of the farm.
