Bill
Bill > S3146
NJ S3146
Extends for five years expiration date of special appraisal process for Green Acres program and farmland preservation program for lands in Highlands Region.
summary
Introduced
05/06/2024
05/06/2024
In Committee
05/06/2024
05/06/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill extends the expiration date of the special appraisal process provided by law for State-funded land acquisitions under the Green Acres program and the farmland preservation program from June 30, 2024 to June 30, 2029 for lands located in the Highlands Region. The term "special appraisal process" refers to the process in which the State or other eligible participants are currently required by law to conduct two appraisals of lands that are proposed for acquisition, one of which is based on the property value on the proposed acquisition date, the other based on the value of the property as of January 1, 2004. The higher of the two values is used as the basis of negotiation with the landowner when determining the property's final acquisition price.
AI Summary
This bill extends the expiration date of the special appraisal process for State-funded land acquisitions under the Green Acres program and the farmland preservation program from June 30, 2024 to June 30, 2029 for lands located in the Highlands Region. The special appraisal process requires the State or other eligible participants to conduct two appraisals of lands proposed for acquisition - one based on the property value on the proposed acquisition date, and the other based on the value of the property as of January 1, 2004. The higher of the two values is used as the basis of negotiation with the landowner when determining the final acquisition price.
Committee Categories
Agriculture and Natural Resources
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 05/06/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S3146 |
| BillText | https://pub.njleg.gov/Bills/2024/S3500/3146_I1.HTM |
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