Randolph NJ Township Manager John Lovell says that "he thinks they grow some hay on this land"... Unfortunately this answer is no answer, here's why:
Two simple facts:
1. it doesn't matter as the property is NOT exempted under the state's farmland statue;
2. There is nothing being grown there... he is incorrect. However, even if it were true-and it is not, before the property could enjoy low taxes, it would have to have the exemption. It does not. Not according to Morris Country tax records or to the Randolph Tax Assessor.If a property owner does have this exemption, then an inspector visits every year to make sure that the property owner is meeting the requirements of the farmland exemption.
Municipalities value land, thru their assessor's office, the land is then taxed at a rate that is based on that assessed value. This is true for farmland , commercial and residential property. The assessed value of this land $9k is so utterly ridiculously low, that it appears it was first decided by someone to tax it at only a few hundred dollars and then the assessed value was inputted to fit that tax. Almost 70 acres of farmland in Randolph is no way a mere $1mln (that is the exact amount very curiously of the 2004 sales price from "Calais Farms LLC" whoever that is, to Sal Campo's development company) or $9k which is what the town is valuing the land in terms of the tax assessment.By my calculation this 70 acres of land with no negatives to it should be valued at more like $14mln or $15mln or more (~$200k p/acre). Think about it this way: prime real estate in the middle of residential zoning with no roads having to be built, no major construction needed, in Randolph and it sold for only $14k per acre and is assessed by the town at only $128 per acre? It's so ridiculous that no one will be explain this away-not truthfully anyway.