Revaluation

Saddle Brook

Project Status (as of July 1, 2008)

Letters introducing the Revaluation program have been mailed. This mailing included a two color, four-page brochure that explained the reasons for the program and the methodology to be employed.

The firm in cooperation with the assessor has established all criteria, essential variables, and cost parameters to be employed for use in the revaluation program.

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 10% of the residential properties in the municipality.

Photographers are in the process of taking front pictures of all improved properties for use in the revaluation program.