Bill
Bill > SCR16
NJ SCR16
NJ SCR16Proposes constitutional amendment to increase additional taxes owed when farmland property is not used for agricultural or horticultural purposes.
summary
Introduced
01/09/2024
01/09/2024
In Committee
01/09/2024
01/09/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
If approved by the voters of the State, this proposed constitutional amendment would increase the amount of additional taxes owed by the owner of farmland that is no longer used for agricultural or horticultural purposes. At this time, the Constitution requires that in any tax year, when land assessed as farmland for property tax purposes is used for a purpose other than agriculture or horticulture, it is subject to additional taxes for that tax year and the prior two tax years in an amount equal to the difference between the taxes due and payable on the basis of the assessment as farmland and the taxes that would have been paid or payable had the land been valued and assessed as otherwise provided in the Constitution. This proposed constitutional amendment would apply the additional taxes to the ten immediately preceding tax years.
AI Summary
This joint resolution proposes a constitutional amendment to modify how additional property taxes are calculated when farmland is no longer used for agricultural or horticultural purposes. Currently, when farmland that has been assessed at a reduced tax rate is converted to non-agricultural use, the property owner must pay additional taxes for the current year and two prior years, representing the difference between the reduced agricultural tax rate and the standard property tax rate. The proposed amendment would extend this retroactive tax calculation period from two years to ten years, meaning that if farmland is no longer used for farming, the owner would be required to pay the difference in taxes for the current year and the ten immediately preceding years. The amendment specifically applies to properties of at least five acres that have been actively devoted to agricultural or horticultural use for at least two consecutive years. The proposed change would be submitted to voters as a ballot measure, with an interpretive statement explaining the current tax treatment of farmland and the proposed expansion of retroactive tax calculations.
Committee Categories
Housing and Urban Affairs
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Community and Urban Affairs Committee (on 01/09/2024)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/SCR16 |
| BillText | https://pub.njleg.gov/Bills/2024/SCR/16_I1.HTM |
Loading...