New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 11 - RELOCATION ASSISTANCE AND EVICTION
Subchapter 3 - RELOCATION PAYMENTS
Section 5:11-3.10 - Loss of tangible personal property
Universal Citation: NJ Admin Code 5:11-3.10
Current through Register Vol. 56, No. 18, September 16, 2024
(a) A displaced business that is eligible for moving expenses and elects not to move all or a part of the personal property may receive a payment for actual direct loss of the personal property not moved. This payment may be made only upon prior approval of the displacing agency and after a good faith effort has been made by the displacee to sell the personal property involved.
(b) The payment for loss of tangible personal property shall be calculated as follows:
1.
In the event the item is sold the payment shall be the fair market value less
the net sales amount (sales price less cost of sale);
2. In the event the item is not sold the
payment shall be the fair market value. The item shall then be the property of
the displacing agency.
3. In no
event shall the payment exceed the estimated moving cost as determined by the
displacing agency.
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