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Farm structure property tax exemption extended

Thu, Dec 13th 2018 12:55 pm

New York state extends the real property tax exemption for new and renovated farming structures

Recently, the New York State Legislature extended the state’s real property tax exemption for structures and buildings essential to agriculture and horticultural use. Previously set to expire at the end of December, the exemption for necessary farming structures has been extended for another decade, until January of 2029. Thanks to the previous enactment of this exemption, farmers in New York state have been able to save tens of thousands in taxes.

“Because of the high cost of doing business in New York, it is vital we find ways to ease the financial burden of running a small family-owned agriculture business,” said Sen. Rob Ortt. “Extending this decades-old tax cut will allow our small-business owners in the farming industry to hold on to more of their profits and reinvest into their business. Not only does this create for a more vibrant and successful agriculture community, but it also creates for more employment opportunities in the communities surrounding these thriving businesses.”

The real property tax exemption grant is a one-time, 10-year property tax exemption for any increase in property value from the construction of improvements for structures that are essential to the operation of the farm. For those interested in applying for this exemption, visit the New York State Department of Taxation and Finance website at https://www.tax.ny.gov/pdf/publications/orpts/farmbuilding.pdf.  

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