State Codes and Statutes

State Codes and Statutes

Statutes > New-jersey > Title-40 > Section-40-23 > 40-23-12-1

40:23-12.1.  Definitions
    As used in this act:

   "Farmland" means land that qualifies for valuation, assessment, and taxation pursuant to the "Farmland Assessment Act of 1964," P.L. 1964, c. 48 (C. 54:4-23.1 et seq.).

   "Low-interest loan" means a loan issued at an annual interest rate not in excess of 1% above the rate paid by the county on the obligations issued to fund the loan program authorized pursuant to section 2 of this act.

   L. 1987, c. 34, s. 1.