New York Governor:Farmers have saved $36.6 million since assessment rule changed

Gov. Andrew Cuomo is noting that farmers have, since a change more than three years ago that lowered the rate at which farmland assessments can rise, saved a total of $36.6 million on property taxes. The shift lowered the maximum allowed rate of increase from 10 percent to 2 percent per year. The idea was to help keep property and school taxes bearable for the state’s farmers who may be land rich but cash poor. Here are the details along with a regional breakdown and a bushel full of happy quotes: Governor Andrew M. Cuomo announced more than $36.6 million in savings for farmers across the state through the first three years of the Agricultural Assessment Cap. Governor Cuomo signed the cap into law in 2013, preventing agricultural assessments from being increased by more than two percent per year. The previous cap was set at 10 percent. By keeping assessment increases low, farmers can rely on a more predictable tax climate and better plan for the future.