New Jersey Administrative Code
Title 18 - TREASURY - TAXATION
Chapter 12 - LOCAL PROPERTY TAX: GENERAL
Subchapter 4 - REVALUATION OF REAL PROPERTY BY APPRAISAL FIRMS
Section 18:12-4.2 - Authority of the Director; approval of contracts

Universal Citation: NJ Admin Code 18:12-4.2

Current through Register Vol. 56, No. 18, September 16, 2024

(a) The Director shall establish standards for use in the valuation and revaluation of real property for assessment purposes, and shall prescribe minimum qualifications for engaging in the business of providing such services to municipalities in this State.

(b) Prior to the execution of any contract, a municipality shall submit the contract to the Director for review. The Director shall make a determination within 30 days of submission for revaluation contracts and within 45 days of submission for reassessment contracts.

(c) No firm shall assign or transfer a contract or any interest therein without written permission from the municipality, surety company, county board of taxation, and the Director.

(d) No changes will be permitted in the contract except upon mutual consent of the contractual parties and written permission of the surety company and the Director.

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