Does anyone out there have experience constructing a tap lease agreement in NY in a manner such that the land owner can claim a Ag land use tax exemption? Any useful reference materials? Any dollar thresholds? Thanks in advance.
Lease agreement/tax break for owner NY
Does anyone out there have experience constructing a tap lease agreement in NY in a manner such that the land owner can claim a Ag land use tax exemption? Any useful reference materials? Any dollar thresholds? Thanks in advance.
Dana,
I "lease" land from all my neighbors for ag purposes and they file for ag use and thus get a tax break. The lease should include the acreage leased and the location of the land. Tax map numbers are nice but not necessary (might depend on local assessor). Lease states when the lease began and for how long. An exchange of $'s is not necessary. Mine start a few years prior to the application for ag use status and are ongoing with the right of both myself and the landowner to end the lease with a six month notice. You must verify that you have a gross income from all ag sales of greater than $10000. I verify by showing my schedule F.
thank you very much for sharing this useful information
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