The bill empowers the State Agriculture Development Committee to maintain its own list of property appraisers and to employ a dedicated pool of appraisers for the valuation of land intended for farmland preservation. It mandates that two independent appraisals be conducted for each parcel of land offered for development easement purchase, assessing both the current overall value for nonagricultural purposes and the market value for agricultural purposes. The bill also stipulates that if a development easement is purchased with state funds, the state will cover up to 80 percent of the appraisal costs, with the potential for full coverage in emergency situations. Furthermore, it allows for the use of municipal averages in determining the value of development potential in certain counties and ensures that appraisals will not lead to increased assessments and taxation of agricultural land.

Additionally, the bill introduces the "Statewide Farmland Preservation Formula" to establish the value of development easements or fee simple titles, taking into account fair market value appraisals, the significance of preserving agricultural lands, and local natural resource conditions. The higher of the two appraised values will be used for negotiations with landowners regarding acquisition prices. These provisions aim to streamline the appraisal process, enhance the accuracy of property valuations, and ultimately encourage greater participation in farmland preservation initiatives across the state.

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