N.J. Admin. Code § 2:76-8.8

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

Section 2:76-8.8 - Committee approval of fee simple market value

(a) The Committee shall appoint a review appraiser to evaluate the two independent appraisals and establish a recommended market value for the fee simple estate and the market value for the restricted fee simple estate.

1. The review shall be done to ensure compliance with the appraisal handbook standards at N.J.A.C. 2:76-10.

2. The recommended market value of the fee simple estate shall not be greater than the highest independent appraised value of the fee simple estate or less than the lowest independent appraised value for the fee simple estate.

(b) The Committee shall have final authority for certifying the market value of the fee simple estate and the market value for the restricted fee simple estate.

1. The certified market value of the fee simple estate shall not be greater than the highest independent appraised value of the fee simple estate or less than the lowest independent appraised value of the fee simple estate.

(c) The Committee may find an appraisal invalid if it does not comply with the appraisal handbook standards at N.J.A.C. 2:76-10 or generally accepted appraisal practices or contains a series of errors, omissions or hypothetical assumptions that significantly impact the integrity of the report or in the aggregate affect the credibility of the results.

1. If an appraisal is found to be invalid, the Committee may request the selection of a new independent appraiser pursuant to 2:76-8.7.

(d) The Committee shall authorize staff to negotiate the fee simple purchase of the farmland pursuant to 2:76-8.9.

N.J. Admin. Code § 2:76-8.8

New Rule, R.2007 d.197, effective 7/2/2007.
See: 38 N.J.R. 4929(a), 39 N.J.R. 2483(a).