The bill empowers the State Agriculture Development Committee to create and manage its own list of property appraisers and to employ a dedicated pool of appraisers specifically for valuing land intended for farmland preservation. It mandates that landowners applying to sell a development easement must propose a price that accurately reflects the fair value of the land's development potential for nonagricultural uses. Additionally, the bill requires two independent appraisals for each eligible parcel, with appraisers chosen from the committee's list. It also permits the use of municipal averages in valuing development easements if a development transfer bank is in place.

Moreover, the bill revises the funding framework for purchasing development easements, allowing the state to cover up to 80% of appraisal costs, with the potential for full funding in emergencies. It includes criteria for evaluating offers, such as the presence of historic buildings and the landowner's commitment to their preservation. The bill ensures that appraisals do not influence the assessment and taxation of agricultural land and sets guidelines for grants to qualifying nonprofit organizations for acquiring development easements or fee simple titles to farmland. Additionally, it introduces the "Statewide Farmland Preservation Formula" for determining the value of development easements, ensuring landowners receive the higher value from either the new formula or existing appraisal methods, thereby enhancing the efficiency of farmland preservation efforts.

Statutes affected:
Introduced: 4:1C-31, 4:1C-31.1, 13:8C-39, 13:8C-50