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

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 4465, State of New Jersey, dated December 16, 2024, reporting the bill favorably. The bill would revise the "Farmland Assessment Act of 1964" so that the mere cessation of agricultural or horticultural activity on land taxed as farmland does not subject the land to roll-back taxes unless an active conversion to a non-agricultural use takes place. The statement explains that roll-back taxes are the difference between the taxes paid at the farmland assessment and the taxes otherwise due, assessed for the year use was discontinued and the two tax years preceding.

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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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