Saturday, August 31, 2013
Fake Farms ???
New Jersey is making it harder for residents to receive farmland assessment discounts on properties that are questionable farms.
For decades, N.J. has let landowners claim a reduced assessment if they had at least 5 acres of dedicated farmland with a harvest or yield that earns them at least $500 per year in revenue; for 2013, the revenue requirement has been increased from $500 to $1,000 per year.
Assessors are looking to the state legislature to help answer the lingering question: What is a New Jersey farm?
http://www.pressofatlanticcity.com/news/breaking/new-jersey-s-fake-farms-target-of-new-tax-break/article_dd716792-123d-11e3-9bac-0019bb2963f4.html
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