Bill > S3446

This bill, titled the "Farmland and Woodland Tax Assessment Integrity and Investment Act," aims to update and clarify the rules for how farmland and woodland are assessed for tax purposes in New Jersey, primarily by modifying the "Farmland Assessment Act of 1964." Key provisions include adjusting the minimum annual income requirements for land to qualify for farmland assessment, which are now to be reviewed and adjusted by the State Farmland Evaluation Committee, a body that will now include a State Forester and a forester from the Department of Environmental Protection, and will meet at least twice annually. The bill also introduces a new online portal for taxpayers to apply for farmland assessment, which will become mandatory after a specified period, and clarifies penalties for misrepresenting information on applications, increasing them for repeat offenses. Additionally, it allows for exemptions from income requirements due to injury, illness, or death of the person responsible for farm activities, and clarifies that land under facilities for boarding, rehabilitating, or training livestock can qualify if contiguous to other qualifying land, with "livestock" specifically excluding dogs. The bill also mandates that the State Farmland Evaluation Committee will now prepare and submit an annual report to the Governor, the State Board of Agriculture, and the Legislature detailing its activities and findings.

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https://www.njleg.state.nj.us/bill-search/2024/S3446