The bill enhances New Jersey's farmland preservation laws by allowing state, local, and nonprofit entities to acquire fee simple titles and development easements on farmland at negotiated prices that may exceed appraised values under certain conditions. Local government units intending to use constitutionally dedicated funds must adopt an ordinance approving the purchase price based on the land's unique characteristics, and the county governing body must review and approve the sale agreement. The bill also requires public hearings and reports for state or nonprofit acquisitions that exceed appraised values. Additionally, it clarifies the appraisal process for development easements, mandating two independent appraisals and allowing the state to cover up to 80% of appraisal costs, with potential full funding in emergencies. Notably, it removes the previous restriction on purchasing development easements above appraised values, providing more flexibility in preservation efforts.

Furthermore, the bill modifies the grant program established by the State Agriculture Development Committee, allowing counties and municipalities to apply for grants to preserve farmland while requiring them to identify contiguous project areas and maintain dedicated funding sources. It also allows for up to 50% funding of acquisition costs for qualifying tax-exempt nonprofit organizations and mandates independent appraisals for these acquisitions. The bill ensures that fair market values of agricultural land will not affect property assessments and requires unexpended funds from the Preserve New Jersey Farmland Preservation Fund to be returned. Overall, the legislation aims to strengthen farmland preservation efforts and support sustainable agricultural practices by enhancing financial and regulatory frameworks.

Statutes affected:
Introduced: 4:1C-31, 4:1C-43.1, 13:8C-39, 13:8C-50