N.J. Admin. Code § 2:76-15.1
Current through Register Vol. 56, No. 12, June 17, 2024
Section 2:76-15.1 - Determination of eligible land cost(a) The Committee shall determine the sufficiency of any appraisals submitted under 2:76-13.5 and shall notify the nonprofit in writing of any deficiencies that prevent a certification of fair market value of the development easement or the fair market value of the fee simple estate.(b) The Committee shall determine the eligible land cost for each parcel within a project site as follows: 1. If the difference between the two appraisal values is greater than 10 percent of the higher appraisal value, the eligible land cost shall be determined based upon the following: i. The Committee shall appoint a review appraiser to evaluate the appraisals submitted by the nonprofit to recommend a fair market value pursuant to the appraisal handbook standards at N.J.A.C. 2:76-10. The Committee shall have final authority for certifying the fair market value of the development easement or fair market value of the fee simple estate.2. If two appraisals have been obtained on a parcel, and the difference between the two appraisal values is 10 percent of the higher appraisal value or less, the eligible land cost shall be the average of the appraisal values. The nonprofit may, however, request that the Committee provide a certified fair market value, in which case the eligible land cost shall be that certified fair market value. i. The Committee reserves the right to appoint a review appraiser to evaluate the appraisals submitted by the nonprofit to recommend a fair market value pursuant to the appraisal handbook standards at N.J.A.C. 2:76-10. The Committee shall have final authority for certifying the fair market value of the development easement or fair market value of the fee simple estate.(c) The Committee shall send to the nonprofit a copy of the certification report and statement of the eligible land cost for review and acceptance in accordance with 2:76-15.1. 1. The Committee reserves the right to negotiate an offer price for less than the certified fair market value.(d) If the survey of a parcel submitted with an advance payment or reimbursement request under 2:76-16.3(c) shows an acreage total different from the acreage total shown in the statement of eligible land cost or negotiated offer, the Committee shall notify the nonprofit or appraiser(s), request an adjusted market value determination, if needed, and revise accordingly the eligible land cost or negotiated offer to reflect the actual acreage of the parcel. N.J. Admin. Code § 2:76-15.1