New Jersey Assembly Bill A4502

New Jersey 2024-2025 Regular Session

• Introduced: 6/6/24
• Refer: 6/6/24

Caption

Authorizes State, local, and nonprofit acquisition of fee simple titles to, and development easements on, farmland, in certain cases, for negotiated purchase prices exceeding appraised value thereof.

Impact

The bill sets forth conditions that require local government units to seek approval from the county governing body for any acquisition where the negotiated price exceeds the appraised value. Such ordinances must include findings of facts related to the land's characteristics, location, and proposed price, ensuring a transparent and accountable process for farmland purchases. By allowing these statutory exemptions, the bill seeks to prevent the loss of farmland to development by enabling government entities to compete more effectively with developers who may offer higher prices.

Summary

Assembly Bill A4502 aims to amend existing farmland preservation laws in New Jersey by allowing State, local, and nonprofit entities to acquire fee simple titles to and development easements on farmland for negotiated purchase prices that may exceed the appraised value. This flexibility is particularly intended for land deemed unique due to its location or designation within important preservation areas such as the Pinelands and Highlands, thus enabling more effective preservation of vital agricultural lands.

Contention

Debate surrounding A4502 could arise from concerns over the potential for abuse in negotiated pricing practices. Critics may argue that permitting acquisitions above appraised value could lead to increased costs to the State or local governments, possibly diverting funds from other essential services. Supporters, conversely, contend that such purchases are necessary to preserve agricultural lands threatened by development while maintaining flexibility in response to unique circumstances regarding particular parcels. The requirement for public hearings and findings of fact aims to mitigate potential misuse by ensuring that all stakeholders are informed and involved in the decision-making process.