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NJ Farmland Tax Assessment
Under New Jersey law, any property is entitled to a farmland assessment if the property devotes five or more acres to farming. At the same time, a qualified plan of farming must be approved in advance. A farmland assessment can be granted for agricultural, woodland management, horse and sheep farming, and other horticultural purposes.
An application for farmland assessment must be filed by August 1st of the pre-tax year. The land must have been in active horticultural or agricultural use for two years prior to being considered for farmland assessment. Thus, if an owner begins farming on a property today, it should be eligible for farmland assessment in the 2006 tax year.
The statute also requires minimum income standards. The land designated as farmland must generate at least $500 for the first five acres, and then $0.50 an acre for any additional woodland acreage.
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