Revises method for appraisals of farmland to be acquired for farmland preservation purposes.

This bill establishes a new "Statewide Farmland Preservation Formula" to determine the value of farmland to be acquired for preservation purposes. The formula requires the committee to conduct appraisals, consider values in neighboring areas, assess agricultural importance, evaluate natural resources, and factor in elements like inflation, soil quality, and land size. Landowners would receive multiple value determinations, with the highest value used as the basis for acquisition negotiations. This applies to farmland preservation efforts using state funds, including the Preserve New Jersey Farmland Preservation Fund. The committee would adopt rules for this formula, which would initially be effective for up to three years before needing formal re-adoption.