New Jersey Statutes 13:8C-40. Acquisition, permanent retirement of development easements on farmland
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Terms Used In New Jersey Statutes 13:8C-40
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
40. a. The committee may acquire and permanently retire development easements on farmland.
b. The committee shall evaluate the suitability of the acquisition of a development easement based upon the eligibility criteria listed in section 24 of P.L.1983, c.32 (C. 4:1C-31) and any other criteria that may be adopted by the committee.
c. Appraisals to determine the fair market value of a development easement to be acquired by the committee shall be conducted by appraisers approved by the committee and in a manner consistent with the process set forth in subsection c. of section 24 of P.L.1983, c.32 (C. 4:1C-31).
d. Any development easement acquired by the committee shall be held of record in the name of the committee.
L.1999,c.152,s.40; amended 2001, c.405, s.6.