N.J. Admin. Code § 2:76-17A.10

Current through Register Vol. 56, No. 19, October 7, 2024

Section 2:76-17A.10 - Appraisal of eligible farms

(a) Upon Committee approval of an individual farm application pursuant to N.J.A.C. 2:76-17A.9(b), the municipality shall select two appraisers from the list of appraisers approved by the Committee pursuant to N.J.A.C. 2:76-6.22 to conduct independent appraisals of each farm to determine the market value of the development easement for which funding is requested.

1. The municipality shall provide to the appraisers a completed appraisal order checklist as required by the Committee and a copy of the individual farm application including, but not limited to, residential opportunities, exceptions, soils, wetlands, and any other factors that may affect the market value of the development easement.

2. The appraisers shall perform appraisals in accordance with procedures detailed in the appraisal handbook for standards at 2:76-6.1 0, generally recognized appraisal practices, 4:1C-11 et seq., and 13:8C-1 et seq., P.L. 1999, c. 152 and the Committee's appraisal handbook.

(b) The two appraisers shall certify the current market value of the development easement as of a uniform date established by the municipality pursuant to (a)1 above.

(c) The valuation of a development easement for lands located in the Pinelands with Pinelands Development Credits shall be determined pursuant to N.J.S.A. 13:8C-1 et seq., P.L. 1999, c. 152, and 4:1C-11 et seq., N.J.A.C. 2:76-19 and the Committee's appraisal handbook.

(d) Upon completion of the appraisals, the appraisers shall forward the appraisal reports to a person designated by the municipality, who shall review the reports for completeness of contractual requirements.

(e) The municipality shall forward the completed appraisals to the Committee.

N.J. Admin. Code § 2:76-17A.10

Amended by 52 N.J.R. 1549(a), effective 8/3/2020