New valuation formula to enhance farmland preservation efforts in new jersey

TRENTON, NJ—The State Agriculture Development Committee (SADC) is introducing a new valuation method aimed at enhancing the preservation of farmland across New Jersey. Dubbed the Statewide Farmland Preservation Formula (SFV), this method will assess farmland based on several critical attributes including soil quality, size, and proximity to preserved lands.

The SADC, in partnership with planning and economics experts, is conducting widespread outreach and data collection to refine the SFV. This initiative includes a series of state-wide information sessions held in collaboration with County Agriculture Development Boards (CADBs). These meetings are essential for gathering feedback from the farming community, which plays a pivotal role in the development of the SFV.

Input from these sessions will inform the SADC on various aspects such as the importance of farm preservation, factors influencing landowners’ decisions on whether to preserve their land, and the impact of non-agricultural development on farmland values.

The public is encouraged to attend these sessions to learn more about the SFV directly from SADC representatives. A schedule of these meetings is available on the SADC website.

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