COMPLIANCE PLAN (CHAPTER 101)A Compliance plan would entail a complete market review of all properties in all neighborhoods in order to determine the uniformity of assessments. Properties that are determined to be either below or above the accepted corridor of the overall assessed/sales ratio will be adjusted in accordance with the Chapter 101(as amended), Public Laws of 2001 NJSA 54:4-23.
The standard annual post card now being sent to all property owners will serve as the notification procedure unless arrangements are made in advance for a special mailing by Appraisal Systems prior to value transfer being made.
Re-inspection of Homes (Compliance Plan)The firm shall re-inspect properties when required and/or requested by the assessor to determine if any changes to the property record card are warranted.
REASSESSMENTReassessment would entail the market review of all properties in all neighborhoods, adjustments to land formulas as needed and adjustments to building values as needed. Every style of structure and building age category will be reviewed for changes in the current market. In addition to the market value analysis, commercial and industrial property will be reviewed for any changes to the income and expense attributes for the property.
The exterior of all properties in the municipality will be inspected. Interior inspections will be conducted in accordance with the requirements of the County Board of Taxation and Director of the Division of Taxation.
The reassessment program would follow the guidelines as established by the Director of the Division of Taxation including: “an analysis of all recent sales of real property occurring within the municipality, including a comparison of sales with the assessed values of the properties sold; an identification of real property value trends occurring within the taxing district; a review of all real property values, parcel by parcel within a taxing district; a review and revision of all land values, with such revisions as are made placed on a land value map as well as on individual property record cards; gathering of pertinent income data and utilization of such data where applicable; development of local cost conversion factors, and application of these factors to improvements contained in the taxing district, with adjustments reflected on individual property record cards; a review and adjustment of depreciation and obsolescence factors with changes reflected on individual property records; a reconciliation and revised true value developed for each property, which revised true value is to be noted on the property record card for each property; and carrying forward revised taxable values to the tax list for the year in which the reassessment is to become effective. Notification of taxpayers of the revised values developed for their properties, with an opportunity for taxpayer review is considered good practice. To avoid discriminatory treatment, reassessment should be district-wide in scope and not be implemented on a piecemeal basis.”
Taxpayer Review Procedure
DEFENSE OF APPEALS - COUNTY BOARDThe Firm shall assist by providing expert witnesses in the defense of all valuations rendered to the Municipality that are appealed to the Bergen County Board of Taxation.
DEFENSE OF APPEALS - TAX COURTThe firm shall assist the municipality by providing expert witness at Tax Court level. Services include negotiation, conferences, appraisal report, reinspection of subject and comparables and trial time.
COMPUTER MAINTENANCE (CAMA)Monthly maintenance includes the following: Data entry of all changes that occur into the CAMA system, review of recorded deeds, update comparable sales file and value all new subdivisions both major and minor. This option will also include a review of all value questions referred by the assessor for any changes warranted.
CHAPTER 91 INCOME & EXPENSE ANALYSISCertified Mailing, processing and full computerized analysis of all data received
PHOTOGRAPHSA Digital photograph of every main building shall be taken and identified with the designated block and lot number. The jpg file will be labeled by block and lot.
The firm will measure and inspect all new structures, additions to existing structures and improvements of existing structures.
When requested, the firm will also review and value all real properties which cease during the year to be exempt and are taxable under the added assessment law. This will also include sales or leases to a non-exempt owner, changes in use or any other occurrence which alters the basis on which the exemption was granted that will make the property subject to the added assessment law.
The firm shall value all such new construction, additions and improvements in a manner consistent with the standards and methodologies being employed by the municipality and applicable law. This will involve a base year concept and current year ratio.