Is a farmland assessed property considered a non-usable sale?

A farmland assessed property is indeed considered a non-usable sale in the context of property transactions. This classification arises from the specific regulations governing farmland assessment in New Jersey. When a property is assessed as farmland, it is valued based on its agricultural use rather than its potential market value for other types of development or highest and best use.

This means that, while there may be a sale price associated with the property, the valuation reflects its use for agricultural purposes, which typically does not appeal to buyers looking for properties for residential or commercial development. As such, the sale of a farmland assessed property may not be seen as usable in standard market terms where properties are compared based on their potential for development or other non-agricultural purposes. This distinction is crucial for assessors when determining property values and understanding market trends within the agricultural sector.