New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 15 - FARMLAND ASSESSMENT ACT
Subchapter 14 - STATE FARMLAND EVALUATION COMMITTEE
Section 18:15-14.6 - Development of agricultural or horticultural use values by assessors
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Director recommends that an assessor utilize the valuation standards established by the State Farmland Evaluation Committee in valuing farmland qualified property in accordance with N.J.S.A. 54:4-23.7.
(b) In the event an assessor plans not to utilize the valuation standards established by the State Farmland Evaluation Committee in valuing qualified farmland, the assessor shall submit such alternate standards to the Director by November 1 of the pre-tax year, indicating his or her reasons for not following the Committee's recommendations. The assessor shall further submit a detailed explanation as to the procedure and valuation standards to be applied in valuing qualified farmland.
(c) After review of such information, the Director shall inform the assessor and the respective county board of taxation by December 10 of the pre-tax year as to the propriety of utilizing the alternate standard. If the Director advises against utilization of the alternate standard and the assessor chooses to rely on such standard for establishing qualified farmland assessments, he or she shall give written notice to the Director and the county board of taxation no later than December 31 of the pre-tax year.
(d) The county board of taxation, after its review as provided under N.J.S.A. 54:4-46, shall direct the assessor to make such changes it considers necessary to accomplish qualified farmland assessments in accordance with the Farmland Assessment Act of 1964.
