N.J. Admin. Code § 2:76-6.8

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

Section 2:76-6.8 - Committee certification of development easement value

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

(b) The Committee shall have final authority for certifying the market value of the development easement.

(c) The Committee's certified market value of the development easement shall not be greater than the highest independent appraised value of the development easement or be less than the lowest independent appraised value of the development easement.

(d) The Committee may find an appraisal invalid if it does not comply with the appraisal handbook for standards at N.J.A.C. 2:76-10 or generally recognized appraisal practices or contains a series of errors, omissions or hypothetical assumptions that significantly impact the integrity of the report such that the appraiser's valuations cannot be supported.

1. If an appraisal is found to be invalid, the committee shall reject the application for which the appraisal was conducted.

(e) The Committee shall certify the market value of the development easement and submit the value to the board.

N.J. Admin. Code § 2:76-6.8

New Rule, R.1993 d.392, effective 8/2/1993.
See: 25 N.J.R. 1804(d), 25 N.J.R. 3453(e).
Prior text at section Appraisal, recodified as 2:76-6.7.
Amended by R.2007 d.197, effective 7/2/2007.
See: 38 N.J.R. 4929(a), 39 N.J.R. 2483(a).
In (a) through (c) and in (e), deleted "fair" preceding "market"; and in (d), inserted "or contains a series of errors, omissions or hypothetical assumptions that significantly impact the integrity of the report such that the appraiser's valuations cannot be supported".