Concerns assessment of farmland for property tax purposes.

This bill clarifies New Jersey's Farmland Assessment Act of 1964 by stating that land taxed at agricultural rates will not trigger additional "roll-back" taxes if farming stops due to retirement, disability, or similar reasons - without actively converting the land to non-farming use (like building homes or commercial sites). Roll-back taxes, which equal the difference between the lower farmland tax rate and the standard rate for non-farm land, are only required when the land is actively changed to non-agricultural purposes. The bill also maintains existing exemptions for land acquired by government or conservation groups for parks and recreation. This update aligns with a 1981 court ruling that deemed it unfair to penalize farmers who cease farming without altering land use.