This bill authorizes state, local, and nonprofit entities in New Jersey to acquire fee simple titles and development easements on farmland at negotiated prices that may exceed the appraised value, contingent upon certain conditions. Local government units intending to use constitutionally dedicated funds for such acquisitions must adopt an ordinance justifying the purchase price based on the land's unique characteristics. Additionally, if a state or nonprofit organization is involved, a hearing must be conducted to evaluate the land's suitability and the proposed price, with a report documenting the findings. The bill also amends existing laws to allow for two independent appraisals to determine land value for both agricultural and nonagricultural purposes, removing the previous restriction that prevented purchasing development easements above appraised value.

Moreover, the bill establishes a farmland preservation planning incentive grant program to provide funding to eligible counties and municipalities, with specific criteria for applicants, including the formation of agricultural advisory committees and the maintenance of dedicated funding sources. It modifies grant provisions for tax-exempt nonprofit organizations, allowing them to receive grants covering up to 50 percent of acquisition costs for development easements or fee simple titles. The bill emphasizes the importance of appraisals in determining acquisition values and ensures that these values do not affect property assessments for agricultural land. Overall, the amendments aim to enhance farmland preservation efforts by allowing for greater flexibility in negotiations and ensuring transparency in the acquisition process.

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