Revaluation

Galloway

Project Status (as of July 1, 2008)

Letters introducing the Revaluation program, approved by the municipality have been sent. This mailing also included a two color, four-page brochure that explains the reasons for the program and the methodology to be employed.

A procedure has been implemented to identify record and analyze all the usable sales for the purpose of establishing preliminary values.

With respect to the income approach to value a statement of income and expenses as provided under N.J.S.A. 54:4-34 for income producing property has been requested in accordance with the controlling statutes.

All properties that have sold more than once in a particular sampling period have been identified, recorded and analyzed for purposes of establishing the trends in current market conditions as they apply to residential and commercial properties.

As of this date we have inspected approximately 80% of all the residential properties in the municipality.

Photographers are currently in the field taking photographs of all improved properties within the municipality.