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NOW New Jersey is trying a plan which would be financed by a four-mill increase on the state’s real estate transfer tax (a tax, incidentally, which some Virginia counties have tried to levy but which the state legislature has blocked). The state will then purchase development rights, or easements, on farm land at current market value. The plan has been endorsed by the New Jersey Farm Bureau and Grange as well as the State Agriculture Convention, and perhaps most importantly, polls have indicated urban and suburban support as well.
Actual payments will be decided by a complicated process of appraisals and bids submitted by farmers, with the goal of putting together contiguous, 1,000-acre blocks of farmland. Some wrinkles remain to be ironed out, and there are no ready answers to some questions that have been raised—such as what happens if the farmer decides to put only “the back 90” up for development right sales but holds out the 10 acres along the highway for speculation.
95.6%