N.J. Admin. Code § 2:76-11.8

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

Section 2:76-11.8 - Committee approval of development easement value

(a) The Committee shall appoint a review appraiser to evaluate the two independent appraisals and establish a recommended market value of the development easement.

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

2. The recommended market value of the development easement shall not be greater than the highest independent appraised value of the development easement or less than the lowest independent appraised value of the development easement.

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

1. The certified market value of the development easement shall not be greater than the highest independent appraised value of the development easement or less than the lowest independent appraised value of the development easement.

(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 N.J.A.C. 2:76-11.7.

(d) The Committee shall authorize staff to negotiate the purchase of a development easement pursuant to N.J.A.C. 2:76-11.9.

N.J. Admin. Code § 2:76-11.8

New Rule, R.2007 d.197, effective 7/2/2007.
See: 38 N.J.R. 4929(a), 39 N.J.R. 2483(a).
Former N.J.A.C. 2:76-11.8, Final Committee action, recodified to N.J.A.C. 2:76-11.10.