Assemblywoman
Addie J. Russell announced that legislation she sponsored to cap the increase of
agricultural assessments at 2% per year has been signed by Governor Cuomo and
takes effect immediately. The bill, which passed unanimously in both houses,
gives relief to farmers who have seen their property tax assessments rising at
unsustainable rates.
“Farming is the backbone of our
community and an integral piece of the North Country economy,” Assemblywoman
Russell said. “Capping the rate of increase in agricultural assessment provides
relief and predictability to North Country farmers who already
have to contend with fluctuating feed and crop prices.”
The formula used by the state to determine
annual property tax assessments is based on USDA crop sales data, the value of
what is produced and the type of soil.
Erratic weather across the nation has driven up prices for corn and
soybeans, and agricultural land values have risen with those prices.
This rate can consume up to 15% of a
farm’s net income. “The continual rise in agricultural property taxes has been
a thorn in the side of farmers who are trying to grow their businesses and
provide for their families,” said Assemblywoman Russell, who began advocating
for this measure when the tax cap became law. “This assessment tax cap is a meaningful
change, not only for our current
generation of farmers but for the next generation of North Country farmers as well.”
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