Bill Text: NJ S1223 | 2024-2025 | Regular Session | Introduced

---

Bill Title: Requires disclosure of original purchase price for land to be sold to a county, county agriculture development board, or municipality for farmland preservation purposes.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-09 - Introduced in the Senate, Referred to Senate Environment and Energy Committee [S1223 Detail]

Download: New_Jersey-2024-S1223-Introduced.html

---

SENATE, No. 1223

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 

 

Sponsored by:

Senator  JAMES BEACH

District 6 (Burlington and Camden)

 

 

 

 

SYNOPSIS

     Requires disclosure of original purchase price for land to be sold to a county, county agriculture development board, or municipality for farmland preservation purposes.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  

An Act concerning disclosure of purchase price information for farmland being preserved, and supplementing P.L.1983, c.32 (C.4:1C-11 et seq.).

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Whenever a county, county agriculture development board, or municipality acquires for farmland preservation purposes real property in fee simple or a development easement on real property, the individual, corporation, limited liability company, or other legal entity selling the real property or development easement shall disclose to the purchasing entity, prior to the sale, the price that the individual, corporation, limited liability company, or other legal entity paid for the real property that is being sold or to which the development easement that is being sold is attached.

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill requires, when selling real property or a development easement on real property for farmland preservation purposes to a county, county agriculture development board, or municipality, the individual, corporation, limited liability company, or other legal entity selling the property or easement to disclose, prior to sale, the price that it paid for the real property.