N.J. Admin. Code § 2:76-13.5

Current through Register Vol. 56, No. 12, June 17, 2024

Section 2:76-13.5 - Appraisal procedures

(a) The nonprofit shall obtain two appraisals as follows:

1. The nonprofit shall request a meeting with Committee staff to discuss the selection and hiring of two appraisers and the scope of work;

2. The nonprofit shall select two appraisers from the list of appraisers adopted by the Committee pursuant to 2:76-6.7 to conduct independent appraisals to determine the fair market value of the development easement or fair market value of the fee simple estate;

3. All appraisals shall be prepared pursuant to the Garden State Preservation Trust Act, 13:8C-38, P.L. 1999, c. 152, the Committee's Appraisal Handbook Standards at N.J.A.C. 2:76-10 and the Committee's Appraisal Handbook;

4. The nonprofit shall request a meeting with Committee staff and the appraisers to discuss the scope of work and to visit the project site, prior to starting the appraisal(s); and

5. The nonprofit shall submit to the Committee one copy of each completed appraisal.

(b) The nonprofit shall immediately submit to the Committee, in writing, any information it has which could affect the appraised value of the project site.

N.J. Admin. Code § 2:76-13.5