N.J. Admin. Code § 2:76-17A.11

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

Section 2:76-17A.11 - Committee certification of development easement values

(a) The Committee shall review appraisals of eligible farms only after they have been authorized for appraisal pursuant to 2:76-17A.9(b).

(b) The Committee shall appoint a review appraiser to evaluate the appraisals submitted by the municipality and to recommend a market value of the development easement for each farm. The review appraisal shall be conducted in accordance with the appraisal standards contained in N.J.A.C. 2:76-10.

(c) The Committee shall have final authority for certifying the market value of the development easement pursuant to 2:76-6.8.

(d) The Committee shall certify the market value of the development easement and report the certified value to the municipality.

(e) The Committee may determine not to certify the market value of the development easement if an appraisal does not comply with the appraisal handbook for standards at N.J.A.C. 2:76-10 or generally recognized appraisal practices.

1. If the appraisal is not amended to comply with the appraisal handbook or generally recognized appraisal practice within 60 days of the Committee review appraiser requesting such amendments, the Committee may invalidate the appraisal.

N.J. Admin. Code § 2:76-17A.11