Editor's note: This corrects a previous version which incorrectly described the amount and type of tax incentives.    

Stonington -- A group of Stonington farmers and residents is requesting the town adopt an ordinance that would exempt up to $100,000 each of farm equipment and non-residential farm buildings from taxes. 

Ward Smith, the chairman of the Stonington Agriculture Committee, said the proposed ordinance is taken from a state law that allows municipal governments to exempt farm equipment from property taxes on assessments of up to $100,000 and individual non-residential farm buildings to the extent of their assessed value to a maximum of $100,000.

This means that if a farm building is worth is worth $200,000, the owner would only pay taxes on $100,000 after applying for and receiving the $100,000 exemption. The same would hold true for equipment.  

Tax Assessor Marsha Standish said the farmers can already apply for exemptions on equipment assessed at up to $100,000. The proposed ordinance would add another $100,000 exemption on equipment for a total of $200,000 on equipment. 

Smith said a petition calling for the ordinance is being certified by the town. It would then have to be adopted by residents at a town meeting. North Stonington has adopted a similar ordinance.

Smith said that the ordinance would “provide economic incentive and relief to existing Stonington farmers and drive further investment into their local operations.”

In addition, he said the new tax incentives would attract the establishment and support of new farms.

“Growth of land-based agriculture and aquaculture businesses benefit the town by providing both direct and indirect jobs, tax revenue with low demand on town services, preservation of farmland and open space, and provides critical local food security for the Town’s population. The new exemptions under this ordinance provide for growth and strengthening of this business sector which will continue to play an increasingly important economic role for our town, region, and the state,” he wrote in announcing the proposed ordinance.