Suffolk County has recently enacted the Peconic Land Trust which is responsible for saving many of the Horse Properties still left on Long Island. With the rising cost of boarding your horse, considering a purchase right now is your wisest defense. Historically the property prices and loan rates are at an all time low. Why not consider a purchase right now?
NYS in 2006, enacted a conservation easement tax credit (CETC) which entitles land restricted by a conservation easement a 25% tax credit of school, county, and town real estate taxes paid. Land owners will be able to claim this credit for the taxes they paid in the calendar year 2007 when they file and annually thereafter, not to exceed an annual maximum of $5,000.00 per taxpayer. Certainly, this will impact the consideration of horse property purchases on Long Island.
WHAT QUALIFIES AS A CONSERVATION EASEMENT?
In order for a property (landowner) owner to qualify or the conservation easement tax credit, an easement must meet several requirements.
The easement must serve to protect open space, biodiversity, or scenic, natural, agricultural, watershed or historic preservation and that have the power to acquire interest in real property.
The easement must be filed with the Deparment of Environmental Conservation;
The easement must qualify with Internal Revenue Code 170 (h) it was donated or partially donated (sold for less than market value) to a prblic or private conservation agency.
CAN I CLAIM MORE THAN ONE EASEMENT? YES...
You can claim a tax easement for each of the easements on your land up to a maximum of $5,000 per easement per year for all of them.
WHAT IF THE LAND IS OWNED BY SEVERAL PEOPLE?
Each individual may claim a tax credit up to $5,000 for taxes actually paid per year.
Information on how to claim the CETC and what properties can and do apply, and how to apply for the credit, can all be answered by contacting the following agency:
CONTACT THE LAND TRUST ALLIANCE AT 518-587-0774 or email northeast@lta.net
The success or decline of a horse farm is a combination of many different factors.
"...A CLOUD of uncertainty is hanging over the horse business on Long Island as changing conditions prompt many owners of horse farms to reassess their investments." Prior to this recent tax relief, there was nearly no tax advantages to owning a horse facility on Long Island.
With any luck, this newly instituted CETC will assist current horse farms and perhaps stimulate a few new ones.
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Servicing buyers and sellers of horse property, equine facilities, farmland and acreage on Long Island. Realtor Specialist for financing and modifying/obtaining loans for horse/equine properties
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