Farmland Assessment Act of 1964
The Farmland Assessment Act of 1964 provided for reduced taxes on farmland in New Jersey in an effort to reduce the sale of farmland to developers for housing and commercial space.[1]
History
The effect was to slow development, and farmland loss, but when prices rose for land the farms were still sold for profit. The act was supplemented with the Agriculture Retention and Development Act of 1981 which put permanent deed restrictions on the sale of farm properties. The Farmland Assessment Act continues today allowing tax exemptions for property 5 acres or more in size devoted to farmland or woodland.
References
- ^ Luke, George W. (August 29, 1976). "Farmland Act Assayed". The New York Times. Retrieved 2008-07-23.
were compelling reasons for amending the Constitution of New Jersey to permit usevalue assessment of farmland. A principal objective was to halt the rise in farm taxes that prevailed in the 1950s by eliminating that portion of land taxes resulting from market-value assessment. This amendment would lessen the farm-tax burden and encourage farmers to stay in business longer and, in so doing, preserve open space in New Jersey.
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External links
- "Farmland Assessment Act of 1964" (PDF). New Jersey. Retrieved 2008-07-23.
- More on Farmland Assessment