Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Sadc Valuation Formula topic
No spam. Unsubscribe anytime.
SADC staff outline new statewide farmland valuation formula, spring launch expected
Summary
Heather Siesel of the State Agricultural Development Committee described a proposed statewide valuation formula that uses a 50% base value plus county-specific categorical adjustments; the formula has committee review and a planned spring rollout, and SADC’s Next Gen farmer program is soliciting input from farmers.
Heather Siesel, SADC staff, told the Cape May County Agricultural Development Board on Jan. 27, 2025, that SADC is developing a statewide farmland valuation formula that would use a 50% base value with additional county-specific categories and features to add points to the base value up to 90% of appraised value. Siesel said the approach was developed by SADC staff, has gone to the Committee three times and is anticipated for a spring launch.
Siesel said SADC would raise the cost-share percentage for parcels using the new formula; the traditional two-appraisal cost-share for conservation easement transactions would remain the same. Board member Bob Schumann commented that land values in Cape May County remain high and said that could make it difficult for local owners to be competitive under a new formula. Siesel said she would analyze how previous applications would be affected by the new method.
Siesel also noted that SADC’s Next Gen farmer program is soliciting input from farmers about current challenges and provided flyers encouraging farmers to contact program coordinators. The update was informational; no formal action or vote on the valuation formula occurred at the meeting.
