| Home |
Morris County
|
| Farmland Preservation: An Overview |
|
AN OVERVIEW:
Agriculture is an important part of Morris County’s economy and a major contributor to the state’s and country’s farming industry. The 2002 US Census of Agriculture ranks Morris County 8th statewide in the market value of agricultural products sold, with $41.879 million in sales. From a purely economic standpoint Morris County is a powerhouse in the market, with a 20-year trend of dramatically increasing sales. Since 1987, we have experienced 219% growth in Total Agricultural Products sold. The Morris County Farmland Preservation program began with the permanent preservation of the Cupo Farm in Washington Township, on December 28, 1987. In the past 21 years, an additional 105 farms have been permanently preserved. The total acreage of preserved farms in our county is 6,865 acres, or 10.7 square miles. The county has preserved farms in 13 different municipalities to date. Farmers preserve farms by selling the development rights of their property, resulting in an “easement” which is a legal restriction against further development on the specified land. Ownership of the land remains the same. Future agricultural buildings are exempt from this restriction. Please see the enclosed “Questions and Answers” document for a more detailed explanation of the sale of development easements. THE BENEFITS: The value for development rights is determined by the potential for residential or office development on your property based upon zoning and accessibility (i.e. road frontage). Values are expressed on a “per acre” basis, and vary based on the specific farm. The average “per acre value” paid for a preserved farm in Morris County since 1987 is $19,015. The average value in the last five years has been $29,532/acre. Morris County recommends that all landowners speak to their financial advisors prior to considering farmland preservation. In addition to the legacy left by the preservation of a farm, there is no restriction on the use of funds received post-closing. Money can be used for a variety of purposes: retirement and estate planning, capital projects on the home or farm, purchase of additional lands, equipment or vehicles, etc. - all while retaining ownership of the property. Historically, landowners have received unexpectedly high values when selling their land. Our website provides specific sales data on preserved farms: Re-Sale Information. |