23 10월, 04:11www.syracuse.com
A new law will cap assessment value increases on agriculture land at 2 percent per year.
October 22, 2013 at 3:43 PM
Syracuse, N.Y. — A new law in New York will cap assessment increases on farmland at 2 percent each year.
The law was sponsored by Sen. Patty Ritchie, R-Oswegatchie, and Assemblyman Bill Magee, D-Nelson. Gov. Andrew Cuomo signed it into law today.
Previously, the assessment value could change by as much as 10 percent annually. Over the past seven years, the base assessment value for agricultural lands has nearly doubled, leading to skyrocketing property tax increases, according to a news release from Cuomo.
"It goes without saying that farming is a land intensive business, with one of the main costs for farmers being taxes on the land they utilize," said Ritchie, who chairs the Senate Agriculture Committee.
Contact Teri Weaver at tweaver@syracuse.com , 315-470-2274 or on Twitter at @TeriKWeaver.
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