Governor Andrew Cuomo today announced the extension of the state's Real Property Tax Law exemption on farm buildings, which will provide continued tax relief for New York farmers and growers. 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," Governor Cuomo said. "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."
The Real Property Tax Law exemption was extended for the next 10 years and applies to newly constructed and re-constructed agricultural buildings through January 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.
Click here for the full announcement.
Source: The Office of Governor Andrew M. Cuomo
"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," Governor Cuomo said. "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."
The Real Property Tax Law exemption was extended for the next 10 years and applies to newly constructed and re-constructed agricultural buildings through January 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.
Click here for the full announcement.
Source: The Office of Governor Andrew M. Cuomo
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