New Jersey Administrative Code
Title 2 - AGRICULTURE
Chapter 76 - STATE AGRICULTURE DEVELOPMENT COMMITTEE
Subchapter 11 - COMMITTEE ACQUISITION OF FARMLAND DEVELOPMENT EASEMENTS
Section 2:76-11.8 - Committee approval of development easement value

Universal Citation: NJ Admin Code 2:76-11.8

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

(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 2:76-11.7.

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

Disclaimer: These regulations may not be the most recent version. New Jersey may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.