Bill > A6278

This bill, the "Farmland and Woodland Tax Assessment Integrity and Investment Act," amends existing New Jersey law concerning the assessment of farmland and woodland for tax purposes. Key provisions include adjusting the minimum gross sales, payments, fees, and imputed income required for land to be considered actively devoted to agricultural or horticultural use, with these minimums now subject to regular adjustment by the State Farmland Evaluation Committee, which will also include a State Forester and a forester from the Department of Environmental Protection. The bill also clarifies that land previously qualified for farmland assessment will not be subject to roll-back taxes if it fails to meet increased income requirements, provided it remains in agricultural or horticultural use, and introduces a provision for temporary exemption from income requirements due to injury, illness, or death of the responsible individual. Furthermore, it mandates the creation of an online application portal for farmland assessment and, after a specified period, will require all applications to be submitted through this portal, streamlining the process and allowing for electronic submission of supporting documentation. The bill also increases penalties for gross misrepresentation on applications and clarifies how collected penalties are used.

Budget and Finance, Business and Industry

https://www.njleg.state.nj.us/bill-search/2024/A6278