New Cap on Agriculture Land Assessments
ALBANY, N.Y. (AP) - New York Gov. Andrew Cuomo has signed a law to cap agricultural land assessment increases at two percent a year.
Cuomo says the measure is meant to keep farmers on their land by protecting them from "unsustainable" tax hikes.
State officials say Tuesday the base assessment value for agricultural land has nearly doubled over the past seven years, leading to high property tax increases.
The previous cap was 10 percent. About 25 percent of New York's land is used in agriculture.
Sen. Patty Ritchie, who chairs the Senate Agriculture Committee, says farming is a land-intensive business, and taxes are among the main costs.