The bill empowers the State Agriculture Development Committee to create and maintain its own list of property appraisers and to employ a dedicated pool of appraisers specifically 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. Additionally, the bill 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. It also 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.

Furthermore, the bill introduces the "Statewide Farmland Preservation Formula" to determine 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. It allows state, local, or nonprofit entities seeking to acquire development easements or farmland to select appraisers from the established list or pool, thereby streamlining the appraisal process and encouraging farmer participation in preservation initiatives. The bill aims to enhance the overall efficiency and effectiveness of farmland preservation efforts in New Jersey.

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