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Companion bill
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Grants a 50% exemption for cold storage facilities or coolers used to hold fruit grown on such land by the owner while such fruit is awaiting shipment to market
In Assembly Committee · Real Property Taxation · Sponsor William Magee
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the real property tax law, in relation to partial exemption of farm cold storage facilities or coolers for fruit
Purpose
To grant a partial real property tax exemption for cold storage facilities used to hold fruit grown on such land by the owner of such structure.
Summary of provisions
Section 1: Creates Real Property Tax Law section 483-e to exempt from real property assessment one-half of the assessed value of a cold storage facility used to hold fruit grown on such land by the owner of such structure.
Existing law
Under current law, there is no real property tax exemption for cold storage facilities on fruit farms.
Justification
Under current law, there is a full real property tax exemption for farm silos, farm feed grain storage bins, and bulk milk tanks and coolers. The rationale for granting such an exemption is that these real property fixtures are used solely to produce agricultural products and have little value outside of using such facilities for producing crops.
A similar argument can be made for cold storage facilities that are used on a farm to store fruit that is awaiting shipment to market. Cold storage facilities used to store locally produced fruit are specialized facilities designed to store fruit and have minimal reuse capabilities for other purposes. Hence, the resale value for cold storage facilities is low because there are few other commercial uses that it can be converted to. Since there is the possibility that such cold storage facilities might be used for other commercial purposes after being used to store fruit, this bill grants an exemption for one-half of the assessed real property value of such facilities.
Legislative history
S.4018 of 2005/2006, S.428 of 2007/2008
Fiscal implications
None.
Local fiscal implications
To be determined.
Effective date
Immediate, and shall apply to assessment rolls prepared on or after the enactment of this act.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.