40:56-41.2 - Deferral of payment of assessment against farmland or other open space; exception; duration of deferral; interest - New Jersey Statutes

40:56-41.2.  Deferral of payment of assessment against farmland or other open space;  exception;  duration of deferral;  interest
    a.  When all or part of the cost of the installation of a local improvement,  as defined in R.S. 40:56-1 is assessed against the lands benefited thereby,  payment of bills for the amount of the assessment levied, or for any  installment thereof, with respect to farmland or other open space shall be  deferred, except as to the extent of the immediate benefit of the local  improvement, until the land is no longer actively devoted to agricultural or  horticultural use as defined by section 5 of the "Farmland Assessment Act of  1964,"  P.L.1964, c. 48 (C. 54:4-23.5).

    b.  With respect to local improvements authorized by the municipality on or  after the date of enactment of this act, interest shall not be charged on any  assessment so deferred, either during the period of deferment or as accumulated  interest at the termination of the deferment.  With respect to local  improvements authorized by the municipality before the date of enactment of  this act, interest may be charged on any assessments so deferred, except where  the owner, or in the case of a corporate owner, the principal stockholder,  makes his principal residence on the lands against which the deferred  assessment is charged, on adjacent land, or on other farmland or other open  space.  Interest shall not exceed the rate that may be charged on installments  pursuant to R.S. 40:56-35 and shall be due and payable upon the termination of  the deferment.

     L.1975, c. 341, s. 2, eff. March 3, 1976.  Amended by L.1981, c. 310, s. 1.