The proposed amendment to the New Jersey Constitution seeks to lower the acreage requirement for farmland assessment from five acres to three acres. Under the current law, only land that is five acres or greater and has been actively used for agricultural or horticultural purposes for at least two years can be assessed based on its agricultural value. The amendment introduces a tiered valuation system for smaller parcels, where land between three and four acres will be assessed at 60% of its agricultural value and 40% of its market value, while land between four and five acres will be assessed at 80% of its agricultural value and 20% of its market value. This change aims to make farmland assessment more accessible to a greater number of property owners.

Additionally, the amendment stipulates that if land valued under this new system is repurposed for non-agricultural uses, it will be subject to additional taxes reflecting the difference between the agricultural assessment and the standard market assessment for the previous two years. The proposed amendment will be submitted to voters in the next general election, allowing the public to decide on this change to the state's farmland assessment policy.