05/06/2024
Big Money Update for NJ Farmers Preserving Farmland:
📈📈📈📈 💵🤑💰💲📈📈📈📈
New Jersey has recently signed into law a bill which increases the amount farmers will receive for preserving their land.
💲➡️As of January 8th 2024, the state has made law an initiative to increase the preservation payout calculation to be higher than ever before. This was accomplished by Bill A4729.
💲➡️$50 million dollars were left on the table in 2022 which could have gone to farmers, as NJ Monitor Reports. State legislators knew that the previous payout calculation was out of date considering land prices, so they have updated this and added MORE money to go to farmers.
💲➡️In order to receive your new, higher preservation payout farmers may contact their municipalities agriculture department for an application.
There are some misconceptions about the preservation program which can now be set straight:
❌False: Preserving farmland means you no longer own the land, and cannot build a house, barns, etc
✅Truth: When you preserve farmland, you are only selling the development rights to the state. You will still own the land. If you want to leave the option to build a house on the farmland open for homestead or other purposes, simply note this in your application and it will be found acceptable. No matter the preservation status, you may continue to construct as many stables, greenhouses, barns, etc you need to run an agricultural operation.
❌False: Horse farms are not considered farms, and may not be preserved
✅Truth: Horse farms, regardless of operation, may be preserved and receive the new higher, massive preservation payouts.
❌False: Municipalities have no say in preserving land.
✅Truth: Municipalities must approve and contribute a small percentage of your preservation offer, though this may soon change. If your local officials are unwilling to process your application, have not informed you of the massive preservation payout increase, or are holding back the approvals which would pay you out this massive new rate, contact this page and let us know and we will help with anything possible to help move your payout forward.
❌ False: Preserving farmland pays less money than selling to developer.
✅Truth: Preserving farmland pays more than developers after considering preservation payout and value of preserved land afterwards. When preserving, you get a large cash payout, and still own the deed to the preserved farmland afterwards which still carries a high value. It is highly advised to ignore developer too-good-to-be-true 'bait and switch' offers which change last-minute after years of locking you into a false promise. Instead go straight to the state preservation department through your local municipality to get a preservation offer with no tricks attached.
❌ False: Farmland preservation applications are binding, and you must pay for the appraisals.
✅Truth: When you submit a farmland preservation application, the state covers any and all appraisal costs, and gives you a non-binding offer at the end of the process which you are free to accept or decline. The generous offer made by the state is so high its a 'no-brainer' to accept.
💲➡️With all these things considered, it is an obvious choice for NJ farmers to ignore bait-and-switch offers from developers and instead reach out themselves directly to their local agriculture office to begin the new high-paying, non-binding, no-cost preservation process.
