New York Extends Property Tax Exemptions for Farms

It's often said. "something is better than nothing." In this case, "nothing is something." The state has extended a property tax exemption for New York Farmers that was set to expire at the start of 2019.

New York's Real Property Tax Law exemption on farm buildings was set to expire January 1, but the state extended it for another 10 years.  The exemption keeps buildings that are essential to a farms' production process from being included in the assessment of property taxes. David Fisher, Farm Bureau President calls the extension important to grow New York Farms.

...essential to encourage new farm investment, and it will make it more economical to grow family farm businesses. The tax savings is especially important in today's tough agricultural economy.

Buildings covered include; dairy barns, exercise arenas for horses, temporary greenhouses and structures that are essential in the cultivation, harvest and storage of commodities; the feeding, breeding, and management of livestock. Housing for farm employees is also included, but not housing for immediate family members.

More information on making sure you're getting all the exemptions possible can be found at the New York's Taxation website.