New Jersey Assembly Bill A1202

New Jersey 2022-2023 Regular Session

• Introduced: 1/11/22
• Refer: 1/11/22

Caption

Requires disclosure of original purchase price for land to be sold to a county, county agriculture development board, or municipality for farmland preservation purposes.

Impact

If enacted, A1202 would amend existing regulations surrounding the acquisition of farmland by local government bodies or agriculture development boards. This change is expected to enhance accountability by ensuring that the prices paid for preserved farmland are transparent, potentially allowing for better valuation of such transactions in future negotiations and purchases. The immediate effect of this legislation would mean that any sale involving farmland preservation must adhere to this disclosure requirement, particularly benefiting taxpayers who deserve insight into government expenditures.

Summary

Assembly Bill A1202 introduces a requirement for individuals or entities that sell real property or development easements for farmland preservation purposes to disclose the original purchase price to the buying government entities, such as counties or municipalities. This bill aims to provide greater transparency in the agricultural land acquisition process, ensuring that public funds are utilized effectively when purchasing land for preservation.

Contention

While the bill seems straightforward, it could face challenges from property owners who may be resistant to disclosing original purchase prices. Opponents may argue that such a requirement infringes on privacy and could deter potential sellers from engaging in transactions involving farmland preservation. Proponents, however, argue that the benefits of transparency greatly outweigh any potential drawbacks, emphasizing the importance of responsible governance in the stewardship of public resources.