Authorizes State, local, and nonprofit acquisition of fee simple titles to, and development easements on, farmland, in certain cases, for negotiated purchase prices exceeding appraised value thereof.

This bill authorizes New Jersey state, local government units, and qualifying nonprofits to purchase farmland development easements or fee simple titles at prices exceeding the appraised value in specific cases. For local governments, it requires county governing bodies to approve such purchases through an ordinance containing specific findings about the land's unique characteristics, location within designated preservation areas, and the justification for the higher price. For nonprofits and the state, it mandates a public hearing and a hearing report detailing why the higher price is justified, including the land's unique qualities or location within a designated preservation area. The policy aims to help preserve farmland that might otherwise be sold to developers due to low appraised values, creating a limited exception to the standard appraised value pricing rule for farmland preservation.