NJ ACR172

Proposes amending the New Jersey Constitution to reduce the minimum land area required for farmland property tax assessment from 5 acres to 3 acres

Creates a tiered valuation system for smaller parcels: land 3-4 acres receives 60% farmland assessment/40% market rate; land 4-5 acres receives 80% farmland assessment/20% market rate; land 5+ acres continues to receive 100% farmland assessment

Land must still be actively devoted to agricultural or horticultural use for at least two successive years immediately preceding the tax year to qualify

If approved by the Legislature, the amendment would be placed on a future general election ballot for voter approval

Maintains existing rollback tax provisions requiring landowners who convert farmland to other uses to pay back the tax difference for the current year and up to two preceding years