If your land carries an agricultural exemption, converting it to non-agricultural use triggers rollback taxes - the difference between the reduced assessment and full market value for the prior five to eight years. This liability can amount to tens of thousands of dollars. Disclose the exemption status and potential rollback to buyers. Buyers planning to continue farming can maintain the exemption without triggering rollback.
From the seller playbook: Agricultural Property and Farmland Sales in New York
This is general information, not legal, tax or accounting advice. Every situation is different. Talk to a licensed attorney, accountant or tax professional before you act.
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