Economic Profiles for Corn, Hay and Pasture

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Abstract

Enacted by the New York State legislature in April 1980, Chapter 79 of the Laws of 1980 altered the procedures


for valuing qualified farmland in real estate tax calculations. The valuation procedure was changed by this legislation from a market base to an income capitalization approach. Stipulated in the legislation was a land classification system to be developed and administered by the New York Department of Agriculture and Markets. The State Board of Equalization and Assessment· was directed to calculate land values for each soil group in the land classification system. The State Board of Equalization and Assessment was to use the income capitalization approach based on economic profiles developed by the New York State College of Agriculture and Life Sciences at Cornell University. The income capitalization approach was first implemented in 1981. Economic profiles for 1975 through 1979, 1976 through 1980, and 1977 through 1981 have been constructed for corn, hay and pasture and conveyed to the State Division of Equalization and Assessment. 1 Economic profiles for fruit, Long Island potatoes and vegetables grown on muckland have also been constructed and conveyed to the State Division of Equalization and Assessment. 2 Agricultural use values have been based on these economic profiles for most crops and soil groups.

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A.E. Ext. 83-31
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1983-11
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Charles H. Dyson School of Applied Economics and Management, Cornell University
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