In order to keep farm’s in business on the East End and in the rest of the state, New York Governor Andrew Cuomo signed into law Tuesday legislation that caps year-to-year property assessment increases at 2 percent for agricultural land.
The former tax assessment cap was 10 percent. According to the governor’s office, this lower cap will help maintain agricultural lands in both high pressure development areas as well as rural areas, while saving farmers thousands in property taxes every year.
“Protecting our farmers from unsustainable tax hikes is part of our work to change our state’s reputation as the tax capital of the nation by controlling spending while reducing the tax burden on New Yorkers,” Cuomo said.
According to Cuomo’s office, high property taxes on agricultural lands put New York at a competitive disadvantage with other states.
Currently, 25 percent of New York’s land is agricultural.
Assemblyman Fred W. Thiele, of Sag Harbor, said the legislation will keep farmers on their lands and help them reinvest in their operations. “With agriculture such a big part of the East End community, it is important to protect our farmers from unsustainable tax hikes and ensure they that stay in business, here, on Long Island,” he said.