N.J. Admin. Code § 7:36-8.3

Current through Register Vol. 56, No. 21, November 4, 2024

Section 7:36-8.3 - Appraisal procedures

(a) For a parcel with an estimated land value of less than $ 250,000, a local government unit shall obtain at least one professionally and independently prepared appraisal. For a parcel with an estimated land value of $ 250,000 or more, the local government unit shall obtain two professionally and independently prepared appraisals.

(b) The local government unit shall obtain each appraisal required under (a) above in accordance with the following procedures:

1. The local government unit shall prepare and submit to Green Acres a project reference map described at 7:36-6.4(a)5 for each parcel to be appraised under this section. The local government unit also shall provide the Project Reference Map to the appraiser(s) hired under (b)3 below;

2. Prior to hiring the appraiser(s), the local government unit shall discuss with Green Acres staff the procedures and criteria for the selection and hiring of the appraiser(s) and the scope of work;

3. The local government unit shall hire State-Certified General appraisers who Green Acres has approved based on such appraisers' sample work product. The sample work product must be a Self Contained Appraisal Report as established in the Uniform Standards of Professional Appraisal Practice (USPAP) (Standards Rule 2-2), available from the Appraisal Foundation at 1029 Vermont Avenue, N.W., Suite 900, Washington, D.C. 20005-3517 or on the web at commerce.appraisalfoundation.org/html/USPAP2005/toc.htm. Green Acres shall approve an appraiser based on the thoroughness of the sample appraisal report, the quality of the information used to reach a conclusion, and the soundness of the conclusion reached.

4. Prior to starting the appraisal(s), the local government unit shall request a joint meeting with Green Acres staff and the appraiser(s) to discuss the scope of work and to visit the project site;

5. All appraisals shall be Self Contained Appraisal Reports as established in the Uniform Standards of Professional Appraisal Practice (Standards Rule 2-2), available from the Appraisal Foundation at 1029 Vermont Avenue, N.W., Suite 900, Washington, D.C. 20005-3517 or on the web at commerce.appraisalfoundation.org/html/USPAP2005/toc.htm; and

6. The local government unit shall submit to Green Acres one copy of each completed appraisal.

(c) Green Acres shall require a local government unit to obtain a report by an engineer, architect, or other specialist to supplement the appraisal of the project site if Green Acres determines that the unique nature of the project site necessitates it.

(d) The local government unit shall immediately submit to Green Acres, in writing, any information it has that could affect the appraised value of the project site.

(e) If an appraisal submitted to Green Acres under (b) above must be updated for a condemnation proceeding, the local government unit shall comply with the appraisal procedures of this section in the performance of the updated appraisal.

N.J. Admin. Code § 7:36-8.3