FARMLAND-WOODLAND

The New Jersey Farmland assessment act permits you to pay significantly less property tax if your property qualifies and if you adhere to the filing and qualifications criteria.  Your land must be devoted to farming or logging for at least two (2) prior years and the property owner must file annually with the municipal tax assessor for farmland or woodland assessment.  Farmland and woodland parcels must exceed five (5) acres to qualify.  Property owners who seek the farmland assessment are not required to actually farm the land themselves, but can rent the farmland or woodland to others who are qualified.  If the property or a portion of the property is sold at Fair Market Value there will be a property tax adjustment.  We suggest that you review (NJSA 54:4-23.2) Farmland Assessment Act to calculate the adjustments.