Gov. Cuomo Signs Property Tax Breaks Into Law

ALBANY, N.Y. (CBSNewYork/AP) -- Gov. Andrew Cuomo has signed two new laws for property tax breaks for some farms and some first-time home buyers, both recently approved by the Legislature.

One would continue a municipal option to provide tax incentives for purchases of new homes by first-time buyers. Sponsors call home ownership "the most potent form" of economic stimulus.

Counties with programs include Albany, Alleghany, Chautauqua, Nassau, Oneida, Orange, Oswego, Rensselaer and Suffolk.

Another measure extends agriculture assessments to portions of farms used for amusements such as corn and hay bale mazes. With 38,000 farms on 7.8 million acres of cropland, pasture and woodlands statewide, lawmakers say agritourism is helping offset declining milk and crop prices.

Sound off in our comments section below…

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)