Property Tax Exemption For Farmers Extended Another 10 Years
ALBANY, N.Y. (AP) — A tax emption that's deemed essential for farmers and growers across New York state has been extended for another decade.
Gov. Andrew Cuomo announced Monday that the state's Real Property Tax Law exemption has been extended for the next 10 years. The Democrat says the exemption will help farmers and orchard owners to grow their businesses.
The law exempts agricultural producers from paying real property tax on buildings essential to their products, such as temporary greenhouses and dairy barns.
Agriculture is one of New York's leading industries. State officials say the exemption will help the state's farmers stay competitive in the global economy.
The law granting the exemption was set to expire Jan. 1.
The Cuomo administration says the exemption has saved New York farmers nearly $113 million since 2008.