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Property Exemption for New Agricultural Buildings Will Stimulate Economic Development
To the Editor:
Assemblywoman Sandra Galef's support of a recently introduced bill that would grant a ten-year real property tax exemption on new farm buildings demonstrates her support for farmers in the Hudson Valley.
If signed into law, the bill would extend an existing real property tax exemption for new or substantially reconstructed agricultural buildings.
Construction costs of new farm structures can be a substantial capital investment on the farm. Many farm families do not see a return for several years.
The legislation helps farmers to spread-out the cost of the investment before experiencing an increased assessment.
The proposed tax relief would also stimulate rural economic development and help sustain farms in this area, preserving open space and working landscapes.
This legislation is essential to our state's efforts to promote and protect farming and will support active reinvestment in our farm businesses.
Mark Adams
President
Dutchess/Putnam/
Westchester County Farm
Bureau
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