NJ Green Acres Program
A New Jersey program that provides funding for the acquisition and development of land for recreation and conservation purposes. Green Acres restrictions on a property permanently limit its development potential.
The Green Acres program, administered by the NJ Department of Environmental Protection, has preserved over 700,000 acres since 1961. When a property has Green Acres restrictions, it cannot be developed for purposes other than recreation and conservation. Appraisals involving Green Acres properties require understanding these deed restrictions and their impact on value. Appraisals for Green Acres acquisitions must follow specific state guidelines and are often performed by appraisers with expertise in conservation easements and government acquisition assignments.
Related Terms
Highest and Best Use
HBUThe reasonably probable use of a property that results in the highest value, considering uses that are legally permissible, physically possible, financially feasible, and maximally productive..
Site Value
The market value of the land as if vacant and available for development to its highest and best use.
NJ Board of Real Estate Appraisers
The state regulatory body under the NJ Division of Consumer Affairs that licenses, regulates, and disciplines real estate appraisers in New Jersey.
More in NJ-Specific
View allNJ Appraiser Licensing Tiers
New Jersey's four credential levels for real estate appraisers: Licensed Trainee, Licensed Residential, Certified Residential, and Certified General.
NJ Continuing Education Requirements
CENew Jersey requires licensed and certified appraisers to complete continuing education hours every two-year renewal cycle, including a mandatory USPAP update course and NJ-specific law module..
NJ Property Tax Appeal
The legal process by which a NJ property owner challenges their property's assessed value at the County Board of Taxation or NJ Tax Court.
Assessed Value
The value assigned to a property by the local tax assessor for property tax purposes.