Cuomo signs bill capping agricultural land assessments at two percent per year

Gov. Andrew Cuomo signed a bill last week capping agricultural land assessments at two percent annually. According to the New York Farm Bureau, farmers pay approximately $26.21 per acre in property taxes, which is $20 more than the national average. Governor Cuomo said the cap on agricultural land assessments, along with the two-percent property tax cap enacted in 2011, will help New York farmers and allow them to invest more money in their farms.