N.J. Admin. Code § 5:86-1.1
Current through Register Vol. 56, No. 23, December 2, 2024
Section 5:86-1.1 - Scope and purpose(a) This subchapter sets forth rules for the preparation of the real estate market analysis required prior to the municipal adoption or significant amendment to a transfer of development rights ordinance, pursuant to the State Transfer of Development Rights Act, 40:55D-137 et seq.(b) The rules are established to ensure that the required real estate market analysis portrays an accurate picture of the current and future land market, including the relationship between the development rights anticipated to be generated in a sending zone and the likelihood of their utilization in a receiving zone.(c) The real estate market analysis constitutes a review of the TDR program set forth by a municipality in the development transfer plan element, utility service plan element, capital improvement program and TDR ordinance pursuant to the State Transfer of Development Rights Act, 40:55D-137 et seq. The municipality is to supply the real estate market analyst with the base information set forth in the State TDR Act and this chapter. The real estate market analysis is intended to confirm development rights and density calculations proposed by a municipality in the development transfer plan element and associated documents or otherwise alert a municipality to issues that may challenge the proposed transfer of development rights program and to give a municipality the opportunity to address said issues at the early stages of the planning process.(d) The real estate market analysis shall not be construed as a real estate appraisal, nor shall it be construed as establishing real estate market value. Any value estimates made by the real estate market analyst are general in nature. Because the value estimates are not site specific, they cannot be used as a basis for future sales. The purpose of the value estimates is solely to provide a basis for determining whether the TDR program and associated transfer ratio(s) proposed by the municipality are viable. N.J. Admin. Code § 5:86-1.1