Annual property tax levy increases for municipalities are capped at 2 percent (notwithstanding certain loopholes that allow most municipalities to increase taxes by slightly more without violating the cap).
Now, farmers want a tax cap. The New York Farm Bureau is asking the state Legislature to put a 2 percent cap on agricultural land assessments, mirroring the relief given to homeowners. The bureau says spiraling taxes put New York farms at a disadvantage. It says New York farmers pay $38.41 per acre in property taxes – the second-highest rate in the country and one that eats up to 15 percent of a farm’s net income.
A Senate bill capping farm land assessments has passed. The bureau is seeking support in the Assembly.
Should farms have a property tax cap? Answer below and share your thoughts in the comments.