NJ A4465

Clarifies that farmland receiving preferential tax assessment under the Farmland Assessment Act of 1964 will not be subject to roll-back taxes simply because agricultural or horticultural activity ceases

Roll-back taxes would only be triggered when land is actively converted to a non-agricultural or non-horticultural use, not merely when farming stops

Roll-back taxes are calculated as the difference between taxes paid under farmland assessment and what would have been owed at regular rates, covering the current year plus the two preceding tax years

Exempts land acquired by the State, local governments, qualifying tax-exempt nonprofits, or the Palisades Interstate Park Commission for recreation and conservation purposes from roll-back taxes

Codifies a 1981 Tax Court ruling that roll-back provisions were not intended to penalize landowners who stop farming due to age or disability without converting the land to other uses