The Legislature hereby determines that the preservation of a maximum amount of the limited supply of farmland area is necessary to the viability of the territorial economy. The Legislature further determines that in a rapidly urbanizing society, the public has a definite interest in farmlands as open space and greenbelt areas, and that the preservation in agricultural production of such lands constitutes an important physical, social, cultural, aesthetic, and economic asset to existing and pending urban and metropolitan developments. With these determinations as a base, the Legislature declares that in order to promote and develop the interests and purposes set forth herein, the tax exemption established by this subchapter is a necessary element and is in the public interest.