New Jersey S708 revises the Farmland Assessment Act to clarify that farmland will not be subject to roll-back taxes unless it is actively converted.

New Jersey S708 amends the Farmland Assessment Act of 1964 to clarify that land valued, assessed, and taxed under the act will not be subject to roll-back taxes if it ceases agricultural or horticultural use, unless it is actively converted to a non-agricultural or non-horticultural use. Roll-back taxes are additional taxes assessed on properties that are no longer dedicated to agricultural or horticultural use. The bill allows landowners to petition for a hardship exemption from these taxes, with specific factors considered by the tax assessor.

New Jersey S708 revises the Farmland Assessment Act to clarify that farmland will not be subject to roll-back taxes unless it is actively converted.

New Jersey S708 amends the Farmland Assessment Act of 1964 to clarify that land valued, assessed, and taxed under the act will not be subject to roll-back taxes if it ceases agricultural or horticultural use, unless it is actively converted to a non-agricultural or non-horticultural use. Roll-back taxes are additional taxes assessed on properties that are no longer dedicated to agricultural or horticultural use. The bill allows landowners to petition for a hardship exemption from these taxes, with specific factors considered by the tax assessor.