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Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 4465 (December 16, 2024)

Summary

Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 4465, State of New Jersey, dated December 16, 2024. The committee reports favorably Assembly Bill No. 4465, which would revise the “Farmland Assessment Act of 1964” to clarify that the mere cessation of agricultural or horticultural activity on land assessed as farmland will not subject the land to roll-back taxes unless an active conversion of the land to a non-agricultural or non-horticultural use takes place. The statement describes roll-back taxes as the additional taxes assessed on a property that is no longer dedicated to agricultural or horticultural use.

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Cite this document

“Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 4465 (December 16, 2024).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-12-16-ace-a4465-s1-7541a2333d/, SHA-256 6a93bedd1f571cbf05587c8ded8a73df8cadc1404d18a3decdbd0708d268aad2.

Full text

ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND
           AGRICULTURE COMMITTEE

                          STATEMENT TO

                     ASSEMBLY, No. 4465

       STATE OF NEW JERSEY
                         DATED: DECEMBER 16, 2024

          The Assembly Commerce, Economic Development and
      Agriculture Committee reports favorably Assembly Bill No. 4465.
          This bill would revise the “Farmland Assessment Act of 1964” to
      clarify that the mere cessation of agricultural or horticultural activity
      on land that is valued, assessed, and taxed as farmland under that law,
      will not subject the land to roll-back taxes unless an active conversion
      of the land to a non-agricultural or non-horticultural use takes place.
      “Roll-back taxes” are the additional taxes assessed on a property that
      is no longer dedicated to agricultural or horticultural use. The amount
      of roll-back taxes assessed on a property are the difference between
      the property taxes paid on the property as assessed for agricultural or
      horticultural use and the taxes that would have otherwise been due if
      the property had been taxed as other land within the taxing district.
      These taxes are assessed for the tax year in which agricultural or
      horticultural use was discontinued and the two tax years preceding.

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