N.J. Admin. Code § 7:1I-4.3

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:1I-4.3 - Appraisal of subject property

(a) After the claimant has elected under N.J.A.C. 7:1I-4.9(a)1 to pursue the claim, or in the case of a new claim filed after February 22, 1994, the Department shall obtain appraisals of the value of the subject property. The claimant shall notify the Department of the sale, in writing, within 10 days of signing a binding agreement of sale in order to allow the Department sufficient time to have an appraisal completed before settlement. The appraisals shall be as of the time of the sale of the subject property (or, for claims under N.J.A.C. 7:1I-4.6 or 4.7, as of the date the Department issues an NOI to pay). One such appraisal shall state the value of the subject property as affected by the sanitary landfill facility (unless the Department elects not to obtain such appraisal, pursuant to N.J.A.C. 7:1I-4.3(b) ), and one appraisal shall state the value of the subject property absent the effect of the sanitary landfill facility. The appraisals may, in the Department's discretion, be based upon one or more of the following factors:

1. Sales of comparable properties in the immediate area;

2. Income generated by the subject property;

3. Replacement cost of the subject property; and/or

4. Such other factors as are ordinarily considered by real estate appraisers who are members of the Appraisal Institute or who are licensed or certified to perform real estate appraisals in New Jersey.

(b) The Department may elect not to obtain an appraisal of the subject property as affected by the sanitary landfill facility if the Department determines in its discretion that there is insufficient information to obtain a meaningful appraisal of the subject property reflecting the effect of the sanitary landfill facility. Without limiting the discretion of the Department under this subsection, the Department may determine that there is insufficient information if fewer than three comparable properties which have been affected by the sanitary landfill facility have been sold as of the date on which the claim is filed.

N.J. Admin. Code § 7:1I-4.3