•  
  •  
 

Abstract

This article proposes a new financial incentive for mitigating climate change by integrating the natural carbon cycle into agricultural production. The proposal is based on existing New York State programs and is consistent with the state’s climate change policy that has developed over the previous decade. While carbon credits may be familiar to many of the readers, treating carbon as a commodity subjects the associated financial models to global market forces governing goods and services. Alternatively, accounting for the carbon sequestering capacity of different soil types, amendments should be made to the agricultural assessment program to better reflect the carbon market. This article will propose those amendments with considerations that are rooted in a more accurate use-value theory of real property taxation and reliant on verifiable soil science. The amended property tax program, in its application, would incentivize carbon sequestration practices through state programs already familiar to farmers. This article proceeds in five sections. It begins with an introduction to carbon farming practices, which contextualizes the role of agriculture in climate change. Next, it provides a general review of current use property tax programs, along with an overview of the New York State Agricultural Assessment Program. The third section offers a detailed analysis and critique of how farmland assessments are calculated, including a review of the interpretations of agroforestry. The fourth section examines New York State climate policies from over the past decade, particularly as applied to agriculture. Finally, the article concludes with qualified recommendations for legislative, regulatory, and budgetary amendments to advance existing agricultural climate policy.

Download

Share

COinS