Current through Register Vol. 56, No. 24, December 18, 2024
(a) If
the Department has obtained appraisals pursuant to
N.J.A.C.
7:1I-4.3(a), the amount of
the claim eligible for compensation from the Fund shall be computed by the
difference between (a)1 and (a)2 below, adjusted in accordance with (c) below:
1. The appraised value of the subject
property determined pursuant to
N.J.A.C.
7:1I-4.3(a), excluding the
effect of the sanitary landfill facility on such value; and
2. The greater of:
i. The appraised value of the subject
property determined pursuant to
N.J.A.C.
7:1I-4.3(a), reflecting the
effect of the sanitary landfill facility on such value; or
ii. The price actually obtained by the
claimant upon the sale of the subject property, without closing
adjustments.
(b) If, pursuant to
N.J.A.C.
7:1I-4.3(b), the Department
has elected not to obtain an appraisal of the subject property as affected by
the sanitary landfill facility, the amount of the claim eligible for
compensation from the Fund shall be equal to the difference between (b)1 and
(b)2 below, adjusted in accordance with (c) below:
1. The appraised value of the subject
property determined pursuant to
N.J.A.C.
7:1I-4.3(a), excluding the
effect of the sanitary landfill facility on such value; and
2. The price actually obtained by the
claimant upon the sale of the subject property, without closing
adjustments.
(c) The
Department may, in its discretion, adjust the amount determined pursuant to (a)
or (b) above by considering other information available to the Department which
supports a conclusion that the amount determined pursuant to (a) or (b) above
does not accurately reflect the diminution in the value of the subject property
resulting from the improper operation or improper closure of the sanitary
landfill facility. Such information may include, but is not limited to, any of
the following:
1. Information concerning
sales of comparable properties considered in establishing an appraisal pursuant
to N.J.A.C.
7:1I-4.3(a), indicating that
factors other than the sanitary landfill facility affected the sale prices of
such properties. Such information may include, without limitation, the prices
of comparable properties within and outside the area in which the sanitary
landfill facility may have affected real property values; general market
conditions; the time elapsed between listing for sale and execution of an
agreement of sale for comparable properties within and outside the area in
which the sanitary landfill facility may have affected real property values;
and specific terms of the agreements of sale (such as financing terms, personal
property included in the sale, and apportionments of closing costs);
2. Information concerning sales of comparable
properties considered in establishing an appraisal pursuant to
N.J.A.C.
7:1I-4.3(a), indicating that
such properties have characteristics which distinguish them from the subject
property, and which affect the values of such properties;
3. Information concerning the sale of the
subject property, indicating that the difference between the sale price and the
appraised value of the property reflected factors other than the sanitary
landfill facility. Such information may include, but is not limited to, the
time elapsed between listing of the subject property for sale and execution of
an agreement of sale; the length of time the subject property was offered for
sale, the nature and number of any offers to purchase the subject property; the
difference between the initial listing price and the sale price; the number and
extent of intermediate reductions in the listing price; specific terms of the
agreement of sale for the subject property (such as financing terms, personal
property included in the sale and apportionments of closing costs); data
concerning the real estate market generally at the time of the sale of the
subject property; and other evidence of the good faith nature of the sale
required to be submitted under
N.J.A.C.
7:1I-4.5; and
4. The effect of the completion of the
construction phase of the sanitary landfill facility remediation or of other
amelioration of the damages resulting from the improper operation or improper
closure of the sanitary landfill facility.
