New York Laws
Article 25-AA - Agricultural Districts
304-A - Agricultural Assessment Values.

(i) Adjusted net farm income shall be the sum of net farm income,
taxes on farm real estate and the amount of mortgage interest debt
attributable to farmland, less a management charge of one percent of
realized gross farm income plus seven percent of adjusted production
expenses.
(ii) The amount of mortgage interest debt attributable to farmland
shall be the product of the interest on mortgage debt and the percentage
of farm real estate value attributable to land.
(iii) The percentage of farm real estate value attributable to land
shall be the difference between farm real estate value and farm
structure value divided by farm real estate value.
(iv) Adjusted production expenses shall be production expenses, less
the sum of the taxes on farm real estate and the interest on mortgage
debt.

d. The following data, required for calculations pursuant to this
subdivision, shall be as published by the United States department of
agriculture for all farming in New York state:
(i) Farm real estate value shall be the total value of farmland and
buildings, including improvements.
(ii) Farm structure value shall be the total value of farm buildings,
including improvements.
(iii) Interest on mortgage debt shall be the total interest paid on
farm real estate debt.
(iv) Net farm income shall be realized gross income less production
expenses, as adjusted for change in inventory.
(v) Production expenses shall be the total cost of production.
(vi) Realized gross income shall be the total of cash receipts from
farm marketings, government payments, nonmoney income and other farm
income.
(vii) Taxes on farm real estate shall be the total real property taxes
on farmland and buildings, including improvements.
(viii) Number of acres harvested including all reported crops.
(ix) Value of production shall be the total estimated value of all
reported crops.
e. In the event that the data required for calculation pursuant to
this subdivision is not published by the United States department of
agriculture or is incomplete, such required data shall be obtained from
the New York state department of agriculture and markets.
f. Upon completion of each annual calculation of agricultural
assessment values, the commissioner of taxation and finance shall
publish an annual report, which shall include a schedule of values,
citations to data sources and presentation of all calculations.
The commissioner of taxation and finance shall thereupon certify the
schedule of agricultural assessment values and shall transmit a schedule
of such certified values to each assessor. Beginning in the year two
thousand six and every five years thereafter, the commissioner of
taxation and finance shall transmit copies of such annual reports for
the five years previous to such transmittal, to the governor and
legislature, the advisory council on agriculture, and other appropriate
state agencies and interested parties.
g. Notwithstanding any other provision of this section to the
contrary, in no event shall the change in the base agricultural
assessment value for any given year exceed two percent of the base
agricultural assessment value of the preceding year.
5. a. In carrying out their responsibilities under this section, the
commissioner of taxation and finance and the commissioner shall keep the
advisory council on agriculture fully apprised on matters relating to
its duties and responsibilities.
b. In doing so, the commissioner of taxation and finance and the
commissioner shall provide, in a timely manner, any materials needed by
the advisory council on agriculture to carry out its responsibilities
under this section.