Property Ownership
New Jersey's Farmland Assessment Act allows agricultural land to be assessed at:
AFull fair market value
BA reduced value based on its productivity as farmland rather than its development potential✓ Correct
CZero value if the farmer resides on the property
DA flat rate regardless of acreage
Explanation
NJ's Farmland Assessment Act permits qualifying agricultural and horticultural lands to be assessed based on their value in agricultural use rather than their potentially much higher development value.
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