New Jersey A3414 amends the Farmland Assessment Law of 1964 to prevent roll-back taxes on farmland unless it is actively converted to.

New Jersey A3414 amends the Farmland Assessment Law of 1964 to clarify that farmland will not be subject to roll-back taxes if it ceases agricultural or horticultural activity, unless it is actively converted to non-agricultural use. Roll-back taxes are additional taxes assessed on properties that transition from agricultural or horticultural use. The bill specifies that if a change in land use occurs, and the land was previously valued, assessed, and taxed under the Farmland Assessment Law, it will be subject to roll-back taxes for the tax year of the change and the two preceding years.

New Jersey A3414 amends the Farmland Assessment Law of 1964 to prevent roll-back taxes on farmland unless it is actively converted to.

New Jersey A3414 amends the Farmland Assessment Law of 1964 to clarify that farmland will not be subject to roll-back taxes if it ceases agricultural or horticultural activity, unless it is actively converted to non-agricultural use. Roll-back taxes are additional taxes assessed on properties that transition from agricultural or horticultural use. The bill specifies that if a change in land use occurs, and the land was previously valued, assessed, and taxed under the Farmland Assessment Law, it will be subject to roll-back taxes for the tax year of the change and the two preceding years.