NJ S3466

Extends the special dual-appraisal process for land acquisitions in the Highlands Region from June 30, 2024 to June 30, 2029, allowing landowners to receive the higher of two property valuations (based on zoning/regulations as of January 1, 2004 or at time of acquisition) when selling to state conservation programs

Applies to lands acquired using constitutionally dedicated funds, Green Acres bond funds, or CBT (Corporate Business Tax) dedicated funds for recreation, conservation, or farmland preservation purposes

Creates new "watershed property municipal aid" for municipalities in the Highlands Region that host watershed lands but do not currently receive watershed moratorium offset aid, paid at the same per-acre rate as existing watershed offset aid

Requires the State Treasurer to include necessary watershed property municipal aid funding in the annual budget request to the Governor, with funds to be distributed from the Highlands Protection Fund

Special appraisal provisions only apply to original landowners (as of the 2004 Highlands Act enactment date) or their immediate family members who have continuously owned the property since that date