Bill > ACR172

This joint resolution proposes a constitutional amendment to modify farmland assessment requirements in New Jersey by reducing the minimum land area from five acres to three acres. Under the proposed change, farmland between three and five acres would receive a partial property tax assessment based on agricultural use, with specific percentage calculations: land between three and four acres would be assessed at 60% agricultural use and 40% market rate, while land between four and five acres would be assessed at 80% agricultural use and 20% market rate. Land five acres or greater would continue to receive a full farmland assessment based entirely on agricultural or horticultural use. To qualify, the land must have been actively devoted to agricultural or horticultural purposes for at least two successive years prior to the tax year, and if the land is later used for non-agricultural purposes, it would be subject to additional taxes to make up the difference between the reduced and standard assessment rates. The amendment aims to expand farmland assessment eligibility to smaller property owners while maintaining existing protections and assessment methodologies for larger agricultural properties.

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https://www.njleg.state.nj.us/bill-search/2024/ACR172