The 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 these acquisitions 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 mandates public hearings and reporting for acquisitions involving state or nonprofit organizations. Additionally, it amends existing laws to allow for two independent appraisals to determine land value for both agricultural and nonagricultural purposes, with the state covering up to 80% of appraisal costs, and removes the previous restriction on purchasing development easements above appraised values.

Furthermore, the bill establishes a farmland preservation planning incentive grant program to provide funding to eligible counties and municipalities, with specific requirements for applicants, including the identification of contiguous project areas and the establishment of agricultural advisory committees. It modifies grant provisions for tax-exempt nonprofit organizations, allowing them to receive grants for up to 50% 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 will not affect property assessments for agricultural land. Overall, the amendments aim to enhance farmland preservation efforts in New Jersey by providing greater flexibility and resources for acquiring and preserving agricultural land.

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