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Forest Incentive Programs - Property Taxes for New Jersey

Type of Tax

Current Use Value Tax based on productivity values of soil groups

Law

Farmland Assessment Act of 1964 Chapter 54:4-23.1

Objective

To preserve open land in New Jersey

Requirements

Minimum of 5 acres

Woodland management plan certified by an approved forester

Evidence of use for previous 2 years

Income of $500/year and $.50/acre/year

Annual renewal of application

Verification of use every 3 years

Use changes result in rollback taxes for previous 3 years

Program Administration

Landowner submits management plan to the State Department of Environmental Protection and files application with County Tax Assessor. The farmland advisory board with the help of university faculty sets values for soil productivity groups.

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