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 larger 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: 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 property owners with smaller plots.

Additionally, the amendment stipulates that if land valued under this new assessment is later used for non-agricultural purposes, it will be subject to additional taxes reflecting the difference between the agricultural valuation and the standard market valuation. The proposed amendment will be submitted to voters in the next general election, following the necessary legislative agreement and public notice requirements. This initiative is designed to encourage more property owners to engage in agricultural activities by easing the financial burden of property taxes on smaller farms.