SOUTH PLYMOUTH, N.Y. (WBNG) — Farmers in New York are celebrating a major legislative win after Governor Andrew Cuomo, D, extended the Real Property Tax Law exemption.
Announced on December 3, the exemption cuts property taxes all together on new or renovated farm buildings.
In the last ten years, the exemption has helped New York farmers save more than $112.8 million.
The legislation was originally set to expire at the end of 2018, but it has now been extended for another 10 years until January 1, 2029.
12 News spoke with a local maple farmer about how this extension will impact his business.
South Plymouth native Tyler Hoffman runs Sweet Tree Maple, producing nearly 5,000 gallons of syrup a year.
He currently runs his business in a relatively small facility, so he’s looking to add on with a new one.
Due to the extended exemption, he says he won’t have to worry about property taxes on the new space, putting more money in his pocket,
Hoffman says with that added cash, “I think we could market our product a little better and we also could possibly add more trees and maybe buy a piece of equipment that would help us going forward.”
For more information on the exemption and how you can apply, click here.