The club charges a $350,000 membership fee, meaning one new member would cover the taxes.
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A six-decade-old tax break intended to help struggling farmers in the Garden State has long been a target of critics who say it’s been co-opted by wealthy suburban landowners. Now, there’s a push to tighten its loopholes.
New Jersey lawmakers approved the Farmland Assessment Act of 1964 to help farms that were being squeezed out of business as demand for suburban housing drove up land values — and the taxes that went with them.
