New Jersey A4636 requires State and local purchasers of farmland development easements and fee simple titles to provide partial payment to landowners.

New Jersey A4636 amends farmland preservation laws to require State and local purchasers of farmland development easements and fee simple titles to provide partial payment to landowners in advance of settlement. The bill mandates that the State Agriculture Development Committee and local boards award and disburse an advance payment to demonstrate good faith intent to proceed with settlement. The advance payment is to be 20% of the appraised fair market value of the development easement or fee simple title.

New Jersey A4636 requires State and local purchasers of farmland development easements and fee simple titles to provide partial payment to landowners.

New Jersey A4636 amends farmland preservation laws to require State and local purchasers of farmland development easements and fee simple titles to provide partial payment to landowners in advance of settlement. The bill mandates that the State Agriculture Development Committee and local boards award and disburse an advance payment to demonstrate good faith intent to proceed with settlement. The advance payment is to be 20% of the appraised fair market value of the development easement or fee simple title.