N.J. Admin. Code § 2:76-19.4
Current through Register Vol. 56, No. 12, June 17, 2024
Section 2:76-19.4 - Base value(a) The base value of a development easement shall be determined according to whether the property is uplands or wetlands and the allocation of Pinelands Development Credits on the property from which the development easement will be conveyed. 1. For those development easements on property located in Pinelands area where the property is eligible for a Pinelands Development Credit (PDC) allocation of two PDCs per 39 acres (uplands and cultivated lands), the base value of the development easement shall be $ 1,600 per acre.2. For those development easements on property located in Pinelands Area where the property is eligible for a Pinelands Development Credit allocation of 0.2 PDCs per 39 acres, the base value of the development easement shall be $ 160.00 per acre.3. For those development easements on property located in Pinelands area where the property is eligible for a Pinelands Development Credit allocation of one PDC per 39 acres, the base value of the development easement shall be $ 800.00 per acre.(b) If the property contains both uplands and wetlands, a weighted formula shall be utilized based on the percentage of uplands and the percentage of wetlands. 1. Example: A farm contains a total of 42 acres; 35.7 acres are uplands (85 percent) and 6.3 acres are wetlands (15 percent). The base value is (85 percent x $ 1,600) + (15 percent x $ 160.00), or $ 1,384 per acre.(c) In the event that a landowner chooses to place a deed restriction on his or her property limiting impervious coverage on the property pursuant to 2:76-19.1 3, then the base value for that property shall be: 1. $ 1,800 per acre for property that is eligible for a PDC credit allocation of two PDCs per 39 acres;2. $ 180.00 per acre for property that is eligible for a PDC allocation of .2 PDCs per 39 acres; and3. $ 900.00 per acre for property that is eligible for a PDC allocation of one PDC per 39 acres.N.J. Admin. Code § 2:76-19.4