This bill amends existing legislation to improve the valuation and purchase processes for development easements aimed at farmland preservation in New Jersey. It empowers the State Agriculture Development Committee to create and maintain a list of approved property appraisers or to employ a dedicated pool of appraisers, ensuring that two independent appraisals are conducted for each parcel of land offered for a development easement. These appraisals will assess the land's value for both agricultural and nonagricultural purposes, and the bill allows for the use of municipal averages in certain counties and municipalities to determine development potential.

Furthermore, the bill modifies financial provisions related to the purchase of development easements, allowing the state to cover up to 80% of appraisal costs, with the potential for 100% coverage in emergencies. It ensures that appraisals do not impact the assessment and taxation of agricultural land and permits the committee to consider historic buildings on the land when evaluating suitability for easement purchases. Additionally, the introduction of the "Statewide Farmland Preservation Formula" aims to standardize the valuation process by incorporating various factors, thereby enhancing the efficiency and effectiveness of farmland preservation initiatives in New Jersey.

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