Documente Academic
Documente Profesional
Documente Cultură
A~PPRAISAL
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SINCE 1934-
FOR
BOROUGH OF ROSELLE PARK
REVALUATION
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PROPOSAL FORMS
PROPOSAL CHECK LIST
PROPOSAL FORMS
CONSENT OF SURETY FORM
NON-COLLUSION AFFIDAVIT
DISCLOSURE OF OWNERSHIP STATEMENT
AFFIRMATIVE ACTION REQUIREMENTS
STATEMENT OF QUALIFICATIONS
EXCEPTIONS
NO RESPONSE SURVEY
INFORMATION TO INTERESTED PARTIES
SPECIFICATIONS & GENERAL PROVISIONS WITH APPENDICES
DOCUMENTS CHECKLIST
Check the box of each document that is enclosed
(Vendor's initials)
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8. Listing of Subcontractors
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9. Non-Collusion Affidavit
10. Affirmative Action Questionnaire
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I I. Statement of Qualifications
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18. A statement of whether any litigation involving the firm's performance under
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a revaluation contract has occurred during the past five years and, if so,
explain in detail the nature of such litigation and the results thereof.
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proposal document(s)
17. State ofNJ Business Registration Certificate
NEIL RUBENSTEIN
Date
PROPOSAL FORM
BOROUGH OF ROSELLE PARK
REVALUATION PROJECT
WITH RESPECT TO THE REVALUATION OF ALL REAL PROPERTY
SITUATED WITHIN THE BOUNDARIES OF THE BOROUGH OF
ROSELLE PARK:
REALTY APPRAISAL COMPANY
NON-COLLUSION AFFIDAVIT
the vendor making the Proposal for the above named project, and that I executed the said
Proposal with full authority so to do; that said vendor has not, directly or indirectly,
entered into an agreement, participated in any collusion, or otherwise taken any action in
restraint of free, competitive proposal submission in connection with the above named
project; and that all statements contained in said Proposal and in this affidavit are true
and correct, and made with full knowledge that the Borough of Roselle Park relies
upon the truth of the statements contained in said Proposal and in the statements contained
in thisaffidavit in awarding the contract for said project.
NEIL RUBENSTEIN, Partner
November
2014
(By)
addresses of every non corporate stockholder and individual partner, exceeding the 10%
ownership criteria established in this act has been listed. This form shall be submitted with the
proposal whether or not a stockholder or partner owns less than 10% of the business submitting the
proposal.
Date:
November 26,
2014
LEGAL NAME OF
VENDOR: REALTY APPRAISAL COMPANY
Check which business entitv the vendor is:
Corporation
Limited Liability Corporation
Subchapter S Corporation
Partnership
Limited Partnership
Limited Liability Partnership
Sole Proprietorship
x
NOTE: If no Stockholder or partner owns
10% or more of the business
submitting the proposal, please
sign and date this form.
~------~~-----------Signature
Date
BUSINESS ADDRESS
4912 Bergenline Avenue /West New York, NJ
Street Address
City
State
_,_(.::.2.:::..0:::._1)'---'8,_,6:._:,7_-.::.3.::.8.:,_70:::...__ _,; ( 2 0 1 ) 8 6 7 - 0 2 0 3
Telephone #
Fax#
07093
Zip
Listed below are the names and addresses of all stockholders or individuals who own ten (I 0)
percent or more of its stock of any classes, or who own ten (10) percent or greater interest herein.
ADDRESS
Do you have a Federal Letter of Affirmative Action Plan Approval? This letter
cannot be more than one year old from the date of issuance.
No,_ _::_x::.___ __
Yes
a) If yes. please submit a photo copy of such approval.
If no,
The undersigned vendor certifies that he/she is aware of the commitment to comply with
the requirements of P.L. 1975, c. 127 (N.J.A.C. 17:27) and agrees to furnish the required
forms of evidence.
The undersigned vendor further understands that his/her proposal must be rejected as
non-responsive if said contractor fails to comply with the requirements of P.L. 1975, c.
127 (N.J.A.C. 17:27) .
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Certification
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Andrew P.
Sidamon~Eristoff
State Treasurer
The Vendor is required to state in detail, in the space provided below, what work of a
character similar to that in the proposed Contract he has done, to give references and such
other detailed information that will enable the Borough of Roselle Park to judge his
responsibility, experience, skill and financial standing.
This statement shall include the following:
Evidence that the Vendor maintains a permanent place of business, list of equipment
available for the work under the proposed Contract, together with statement as to Vendor
having suitable financial status to meet obligations incidental to the work, evidence that
the Vendor has appropriate techuical experience.
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SUBMITTED BY:
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(Signature)
NEIL RUBENSTEIN,
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(Print Name)
DATED:
Partner
(Title)
November 2 6, 2014
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If you do not chose to respond to this Proposal, please complete the form below:
NameofCompany: ________________________________________
Reason you did not respond (Check all that apply)
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Signed: (optional)------------------------------------
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INFORMATION
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RECEIPT OF PROPOSALS
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IB.l.l OWNERANDPROJECT
Doreen Cali, Borough Clerk for the Borough of Roselle Park, Union County, New
Jersey (herem after called the 'BOROUGH'') invites responses to the Request for
Proposals for the project mentioned herein.
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Proposals will be received by the BOROUGH at the time and place mentioned in the
notice. No proposals shall be accepted after time specified.
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Proposals forwarded to the BOROUGH before the time of opening of Proposals may be
withdrawn upon written application of the entity making the Proposal who shall be
required to produce evidence showing that he is or represents the principal or principals
involved in the ProposaL
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QUALIFICATIONS
Each Proposal shall provide documentation of the qualifications of all field personnel and
staff members that will be assigned to this project including the number of employees
that will be specifically performing the functions of the project. A minimum as well as a
maximum number of employees available and qualified to accomplish the work needed is
required.
Field personnel shall be subject to a test as outlined in the contract documented as well as
being interviewed by the Assessor, if necessary.
The Proposal shall include evidence as to the ability to comply with the contract
timetable and must include any or all information to demonstrate their ability to provide
the services outlined in the attached documents.
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Proposals received from any entity or firm who has previously failed to complete
contracts within the time scheduled therefore, or who have performed similar work in an
unsatisfactory manner, may be rejected. Any firm or entity that is or was under a lawsuit
in regard to a revaluation performed in the past five (5) years shall provide an explanation
as to the circumstances of said lawsuit. Failures to do so may be grounds for rejection of
said Proposal.
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PREVAILING WAGE
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If required by law, the Contractor will be required to comply with the provisions of the
New Jersey Prevailing Wage Act, Chapter 150 of the Laws of 1963, and any and all
statutory requirements of the Local Public Contracts Law.
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PREPARATION OF PROPOSALS
unit prices shall govern or if between the correct sum of the extended totals and the total
Proposal submitted, the correct sum extended total shall govern. Amounts written in
words shall govern over the amounts given in numerals.
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No remedy provided within the terms of the contract and specifications shall be deemed
to precluded the Municipality from taking any other action, but on the contrary, shall be
deemed to be a remedy in addition to any and all other legal or equitable remedies
permissible by law.
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The contract shall be awarded or all Proposals therefor rejected within sixty (60) days
after the opening of Proposals except where the invitation to Proposal states that the
execution of the contract shall be subject to prior approval or disapproval by a Federal or
State agency or department, in which event the contract shall be awarded or all Proposals
therefor rejected within thirty (30) days after the approval or disapproval by such Federal
or State agency or department.
The award of the Contract for this work will not be made until the necessary funds have
been provided by the BOROUGH OF ROSELLE PARK in a lawful manner and
State and County Tax Board approval has been received.
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PERFOMANCE SECURITY
MOD!FICATIONS OF PROPOSALS
Proposals may be modified by registered mail. Proposals may not be modified within 24
hours of the stipulation time of opening Proposals.
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REJECTION OF PROPOSALS
More than one Proposal from an individual, a firm, or partnership, a corporation, or
association of principals under the same or different names shall not be considered.
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APPLICIABLE LAWS
The attention of any firm or entity submitting a Proposal is especially directed to the
provisions of the Federal, State, County and Municipal laws, statutes, and regulations that
may <tpply to the work.
1B.l2 PAYMENT
Bills are publicly approved at regular BOROUGH OF ROSELLE PARK Council
meetings .. All bills approved at that meeting are paid by checks that are mailed. No checks
may be picked up by the vendor. In order for a voucher to be placed at said meetings for
approval, they must be submitted to the appropriate Borough of Roselle Park department,
be signed by all the appropriate Borough of Roselle Park officials and be presented to
the Treasurer's Office no later than the tenth day prior to the meeting. There are no
exceptions to this rule.
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All quotations and Proposals shall be submitted on the Proposal forms attached. Purchases
by the Borough of Roselle Park are exempt from taxation, either State or Municipal
and also from Federal taxation, including excise tax, Tax Exemption ID Number
226002275. F.O.B. destination and placement at locations specified by the Borough
of Roselle Park. It is understood by the vendor that this Proposal is submitted
on the basis of specifications prepared by the Borough of Roselle Park and the
fact that any vendor is not familiar with these specifications or conditions will not be
accepted as an excuse.
REVIEW OF PROPOSALS
The following specific factors will be used in reviewing the proposals and determining
which proposal is most acceptable to the Municipality: cost of proposal, experience of vendor,
location of vendor in relation to Municipality, information obtained from other
municipalities pertaining to the performance of the vendor and experience and training of
employees.
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Under no circumstances will the Borough of Roselle Park accept documents requiring
original signatures through facsimile machines.
CONTRACT
The successful vendor agrees that it will sign the contract that is attached hereto and made a part
hereof.
INSURANCE REQUIREMENTS
Certificates of liability and worker's compensation insurance satisfactory to the Borough of Roselle
Park shall be filed with the Municipality. The Certificate of Insurance required herein to be provided
to the Municipality shall provide that the Municipality be provided with Notice of Cancellation.
All of the Vendor's insurance shall contain indemnifying and saving harmless the Borough of
Roselle Park and their agents from any and all liability of whatever nature arising from the work
to be performed under the contract, including attorney's fees and costs in connection with the defense
of such claims. The Certification of Insurance furnished by the Vendor shall state specifically that
the above indemnification is guaranteed by the policy. Such statement, if not included in the body
of the policy, will be typed on the face or back of the certificate.
The minimum amounts of insurance to be carried by the Vendor shall be as follows:
1.
The Vendor shall take out and maintain during the life of the contract adequate worker's
compensation and employer's liability insurance for all employees employed in connection with
the work, and in case any work is sublet, the Vendor shall require each sub-contractor similarly to
provide worker's compensation and employer's liability insurance for the latter's employees,
unless such employees are covered by the protection afforded by the Vendor's insurance.
Coverage A shall be New Jersey Statutory.
Coverage B (Employer's Liability) shall be unlimited as per the New Jersey
Worker's Compensation Law.
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C./
The undersigned hereby declares that he/she has careful]t{xamined the Specifications
for which Proposals were advertised to be received on Ne\'emlleF 19. 2014 at 10:00 a.m. at the
Borough of Roselle park, 110 E. Westfield Avenue, Roselle Park, NJ 07204.
The undersigned hereby agrees to complete a property revaluation program in the
Borough of Roselle Park in accordance with the specification attached hereto and made a
part hereof, and submits the following Proposal therefore:
I. Contract services
=$ 2 3 9 , 0 0 0 0 0
2. Certificate of Surety
3. Affirmative Action Affidavit or Certificate of Employee Information
Report as evidence of affirmative action compliance.
The undersigned further certifies that the following is a complete list of the names and
addresses of all stockholders in the corporation who own ten percent (I 0%) or more of its stock
of any class (or, in the event that the undersigned is a partnership, those partners who own a ten
percent (10%) or greater interest therein):
NAME
ADDRESS
STANLEY RUBENSTEIN
NEIL RUBENSTEIN
STEVEN RUBENSTEIN
41 Sydney Avenue
Deal NJ 07723
47 Runnymeade Road
Berkeley Heights, NJ 07922
324 West 88th Street Apt.B
New York, NY 10024
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(If additional space is needed for the inclusion of other stockholders or partners, type or print
names and addresses of same on a separate sheet of paper and attach them to this Proposal).
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07093
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REALT-1
ACORD"
CONTACT
PRODUCER
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11/17/2014
THIS CERTIFICATE IS ISSUED AS A MATTER OF INFORMATION ONLY AND CONFERS NO RIGHTS UPON THE CERTIFICATE HOLDER. THIS
CERTIFICATE DOES NOT AFFIRMATIVELY OR NEGATIVELY AMEND, EXTEND OR ALTER THE COVERAGE AFFORDED BY THE POLICIES
BELOW. THIS CERTIFICATE OF INSURANCE DOES NOT CONSTITUTE A CONTRACT BETWEEN THE ISSUING INSURER(S), AUTHORIZED
REPRESENTATIVE OR PRODUCER, AND THE CERTIFICATE HOLDER.
IMPORTANT: If the certificate holder is an ADDITIONAL. INSURED, the policy(ies) must be endorsed. If SUBROGATION IS WAIVED, subject to
the terms and conditions of the policy, certain policies may require an endorsement. A statement on this certificate does not confer rights to the
certificate holder in lieu of such endorsement(s).
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DATE (MMIDONYYY)
NAME:
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INSURER A: Travelers
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INSURERs: Landmark American SHE
INSURERC:
INSURERO:
INSURERE:
INSURERF:
CERTIFICATE NUMBER:
THIS IS TO CERTIFY THAT THE POLICIES OF INSURANCE LISTED BELOW HAVE BEEN ISSUED TO THE INSURED NAMED_AB()_Y.E f!;'~-!~ ~'?LI.<:~~E~,O.~
INDICATED. NOTWITHSTANDING ANY REQUIREMENT, TERM OR CONDinON OF ANY CONTRACT OR OTHER DOCUMENT WITH RESPECT TO WHICH THIS
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CERTIFICATE MAY BE ISSUED OR MAY PERTAIN, THE INSURANCE AFFORDED BY THE POLICIES DESCRIBED HEREIN IS SUBJECT TO ALL THE TERMS.
EXCLUSIONS AND CONDITIONS OF SUCH POLICIES. LIMITS SHOWN MAY HAVE BEEN~~
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I. Program Definitions:
The Company agrees to prepare and execute a complete program for revaluation of all
properties within the confines of the BOROUGH OF ROSELLE PARK as illustrated
on the
Property Classification Schedule attached as Appendix A of this contract for use of the
Borough Tax Assessor in accordance with this contract and the associated contract
documents, all of which are annexed hereto and which form a part of this contract to be
completed on or before August 1, 2015 exclusive of taxpayer reviews.
All taxpayer reviews are to be concluded by October 1, 2015 and revisions completed so
that the Borough Tax Assessor's book can be certified by January 10,2016.
2. Scope of Services:
a. The Company agrees to provide services necessary to classify and appraise each
parcel of real estate and each real property improvement which lies within the
boundaries of the Borough of Roselle Park at its fair market value according to
N.J.S.A. 54:4-1et seq.
b. The Company agrees to appraise all properties using the three approaches to value
where applicable and to use acceptable methods, forms, and manuals authorized by
the New Jersey Division of Taxation. The revaluation project shall be computer
generated in accordance with the specifications outlined herein. Photographs of the
exterior of each property will also be taken and submitted to the Tax Assessor
c. The Company shall prepare a separate list of tax exempt properties indicating the full
value of such property as if taxable.
d. The Company shall be responsible for collecting Income and Expense information
for all Class 4 Properties for 2015. Requests for Income and Expense information
shall be mailed no later than July 1" of the year. The request shall provide a copy
of the Statute, and shall be approved by the Borough Tax Assessor before mailing.
The mailings shall be by certified mail. Income and Expense Requests shall be over
the Tax Assessor's signature.
e. The Company will acquaint the Borough Tax Assessor and staff, if any, in the use of
procedures, standards and records used for making property appraisals in order that
the Borough Tax Assessor's Office will be in a position to check the work as it
progresses and apply the same to new or altered properties in subsequent
assessments.
f. Work shall be required to commence within thirty (30) days of the effective date of
the awarding of this contract which is subject to State of New Division of Taxation's
approval by the State of New Jersey Division of Taxation.
3. Contract Contingencies:
The award of a contract, pursuant to these specifications, is contingent upon approval by
The Director of the State of New Jersey Division of Taxation and the Union County Tax
Board. The Company shall not have the authority to vary, alter, amend, or change this
contract, or any part thereof, without the written consent of the Borough Tax Assessor
and the Borough of Roselle Park as well as written permission of the surety company
and the Director of the Division of Taxation. The Company shall not have the right to
subcontract any portion or function of this contract, without receiving prior expressed
written approval from the Borough Tax Assessor and the Borough of Roselle Park
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The Company shall be responsible any and all work performed by any subcontractors
allowed for in this contract, if any.
4. Conflict of Interest:
No commissioner or employee of the Union County Board of Taxation and no
assessor of a taxing district within Union County and no official or employee of the
Borough of Roselle Park shall have an interest whatsoever directly or indirectly, as an officer,
stockholder, employee or any other capacity in the Company.
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Neither the Firm nor any of its members, employees, officers or stockholders shall represent
any property owner or taxpayer filing a tax appeal in the State of New Jersey during the term
of the Agreement, nor shall he have been so engaged within the last two years.
5. Company Qualifications:
The Company shall meet performance standards as set forth by the Director of the State
of New Jersey Division of Taxation and shall supply the State with any information
which may be required from time to time during the duration of this contract. The
Company shall be approved by the Division of Taxation to perform revaluations in New
Jersey.
The Company shall supply the Borough of Roselle Park with copies of financial statements
As required.
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6. Company Personnel:
Principals of the Company shall have at least five (5) years of practical and extensive
appraisal experience in the valuation of the various classes of real property.
Supervisors of the Company shall have at least four (4) years of practical and extensive
appraisal experience in the valuation of the particular class of real property for which
they are responsible. At least two (2) years of this experience must have been in the mass
appraisal field and have occurred in the last five (5) years.
All personnel determining final land values shall have at least four (4) years of practical
and extensive appraisal experience in the valuation of all classes of property.
Field personnel, building enumerators, and listers shall have a minimum of one hundred
fifty (150) hours of in-service training pertaining to their particular phase of the work and
shall be generally aware of other phases of the revaluation project prior to starting field
work. A minimum of six (6) listers shall be provided during the field data collection
phase of this project so as to meet the project completion schedule as approved and other
parts of this agreement. At least (or "a minimum") one of the listers shall be designated
for commercial properties. The Company shall submit a resume outlining the
qualifications of each principal, supervisor, land valuator, and commercial, industrial, or
multi-family valuators as well as field personnel assigned to this project.
The Company shall designate a qualified and responsible employee to supervise the
operation of the Company's staff for the entire project. (Complete Appendix B) There
shall be one (I) supervisor for no more than six (6) field data collectors or part thereof.
The supervisor shall have at least five (5) years of experience in mass appraisal work and
at least three (3) years in the capacity of a reviewer. These designated individuals shall
make themselves available to the Borough Tax Assessor for consultation throughout the
project. Any change of a designated supervisor requires approval of the Borough Tax
Assessor.
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The Company shall obtain an identification card from the Borough for each staff
member. This identification tag must be worn at all times on the outside of their clothing.
Personnel shall present themselves in a neat and clean manner and shall conduct
themselves in a professional and courteous manner. A professional dress code will be
enforced. The Company shall instruct all field personnel to avoid unnecessary
communication with the residents while conducting inspections. Field personnel should
not discuss value, appraisal methodology, etc. but should re-direct all questions to the
Borough Tax Assessor. Any change in personnel shall be submitted to the Borough Tax
Assessor.
The Company shall supply the Borough Tax Assessor and the Borough Police
Department with driver's license numbers, vehicle license plate numbers, and make of
vehicle or vehicles that will be used by field personnel on this project.
The Company shall require all personnel performing work on this project to authorize a
background investigation of its employees by submitting a release as attached to this
contract as Appendix C. This investigation shall include a National Criminal Information
Center report (NCIC), driver's license reviews, and police check which shall be at the
expense of the company.
Upon written notice to the Company, the Borough Tax Assessor may request removal of
any person for this project whose work is unsatisfactory, or has conducted him or herself
in an unprofessional manner, or upon the advice and counsel of the Borough Police.
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7. Office Space:
The Company must provide their own office space with the Borough of Roselle Park or
if no space is available, within a municipality bordering the Borough of R o s e I I e
P a r k . The Company must provide a sufficient number of computer lines at their expense,
if needed. The Company shall provide all the furniture, equipment, machines, and other
items required in connection with this project at its own expense. This also relates to
computer equipment for encoding.
The Company shall provide adequate telephone service throughout this project so as to
handle any inquires by interested persons at the Company's expense. The phone numbers
must be local phone numbers not "main office" numbers or out of state numbers. Prior to
mailing notices of valuation the Company shall have at least two (2) manned-incoming
telephone lines to accept inquires from taxpayers. The Borough Tax Assessor shall be
provided with a list of telephone numbers being used by Company personnel in order to
maintain communications between all parties.
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8. Submission of Work:
Periodically throughout this project, as data is collected and verified by the Company's
supervisor(s), the Company shall enter the data into the computer system. Said computer
system must be compatible with the MicroSystems-NJ, LLC, and must contain MOD IV
and CAMA file information for entering and use or must totally converted at the
Company's expense and then submit a hard copy of the computerized data to the
Borough Tax Assessor for his/her review. Any cost relative to this provision is at the
exclusive expense of the Company. Said verification of compatibility of system shall be
demonstrated before the project is started and signed off by the Borough Tax Assessor.
The Company shall include real property identification material on properly labeled
individual property record cards in a format acceptable to and approved by the Borough
Tax Assessor. Distinct property record cards (i.e. color) for each of the four
classifications of real property shall be provided.
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The information to be entered on the property record cards shall include, but not
necessarily be limited to:
I. A scaled sketch of the exterior building dimensions
2. notations of significant building components
3. land and building characteristics and valuation, including number of units
4. identification of the person making the inspection
and whether an interior inspection was obtained.
The Company shall be responsible for valuation of all construction up to and including
the date of taxpayer hearings. If a building is under construction at the time of the field
investigation, a notation to that effect shall be placed on the computerized appraisal
system in order that it can be retrieved in an expeditious manner for further review. Prior
to finalization of values, a field review shall be made of these incomplete property
improvements. Upon review, if the construction is substantially completed for its
intended use, the value shall be determined as if it were complete. Should construction
remain incomplete, the Company shall consult with the Borough Tax Assessor to
determine the procedure in order that the valuation is appropriate.
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The Company shall provide the Borough Tax Assessor with completed property record
cards filed in sequence by block and lot numbers for all taxable and exempt properties .
Property record files shall include all supporting data and documentation.
9. Program Progress Reports
The Company shall complete a schedule of all project work including projected dates
completion to the Borough Tax Assessor prior to awarding contract (refer to Appendix
D- Revaluation Compliance Plan Report) which is a part of this contract. Thereafter, on
or before the 20th day of each month, a detailed status report and supporting
documentation outlining progress shall be submitted to the Tax Assessor until completion
and acceptance of the project. Computer generated spread sheets are to be used for this
Compliance Plan report. Reports shall be made utilizing the forms attached to this
contract identified as Appendix E & G for payments for work completed.
Compliance Plan is as presented as Appendix D.
Liquidated damages of$100.00 per day for any delays beyond ten (10) days in schedule
shall be deducted for any balance due. The Company shall be notified by the Borough
Tax Assessor in writing and given I 0 days notice wherein to remedy any deficiencies
and/or late reports (total of 10 days).
Monthly progress reports shall be filed directly to the Borough Tax Assessor at II 0 E.
Westfield A venue, Roselle Park, NJ 07204 and a copy sent to the Borough Clerk
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I 0. Payment Schedule
The Company shall prepare a breakdown of functions to be carried out during this
revaluation project and place a dollar value for each function which shall be subject to the
approval of the Borough Tax Assessor and Mayor. This breakdown is outlined and
attached to this contract as Appendix E with a summary sheet attached as Appendix G.
This breakdown is a material part of this contract, shall be the basis for payments, and is
to be completed as part of this executed contract document.
Billing for payment under this contract shall be made monthly and must be received by
the Borough of Roselle Park on municipal vouchers on or before the first Friday
of each month for payment by the end of each month. Payment will be made for
work completed in accordance with the performance based payment schedule attached
hereto as Appendix E. Billings properly filed and approved shall be processed and
payment shall be mailed to the Company if found to be in order and approved.
Payments to be made to the Company under this contract shall be calculated by applying
the appropriate dollar value to the work completed and accepted by the Borough Tax
Assessor at the end of each payment period. The dollar values to be utilized are outlined
in Appendix E of this contract and are subject to an adjustment of minus 10% for contract
retainage.
Half of the 10% retainage shall be payable upon completion of the work once certified by
the Borough Tax Assessor. The balance of the retainage (remaining 50%) shall be
payable after the first year's County tax appeals are completed.
I I. Liquidated Damages
Liquidated damages shall be two hundred dollars ($200.00) for each calendar day beyond
the completion date as outlined herein that any of the work remains not completed.
Completion is defmed as all work finished including field inspections, calculations,
informal hearings, hearing maintenance, and submission of all reports, as may be
required during this revaluation project and the "Proof Book" being ready to be printed.
.-.
The Company shall not be responsible for delays caused by strikes, war catastrophes, acts
of God or actions by others not under the jurisdiction of the Company which might stop
or delay the progress of work. No other justification or reason for delays of this project is
acceptable.
24
13.
If at any time during the contract period the quality and/or progress of the Company's
Work according to the Borough of Roselle Park and/or the Tax Assessor shall not be satisfactory,
the Borough of Roselle Park reserves the unilateral right to terminate the contract upon
thirty (30) days written notice directed to the principal place of business of the Company.
Thereafter, the Borough of Roselle Park shall be responsible only for the reasonable value
Of the services theretofore rendered, and in no event a sum greater than the ratio of completed
work to the whole work contemplated by the contract.
25
26
c) Two (2) large and four (4) small copies of the up-to-date tax map approved by the
Director of the State of New Jersey, Division of Taxation or his or her designate
indicating the real estate assessment numbering system for the purposes of
developing a sales map and neighborhood delineation map and to assist field
enumerators in locating properties; it should be noted that the tax maps may be
"conditionally approved" which shall be considered acceptable for use in the
valuation process.
d) A copy of the MOD IV tape of current property records for all properties currently
listed upon the tax records of the Borough of Roselle Park. This tape shall include
the block, lot, additional lots, owner's name and address, property location, property
classification, if needed.
e) Access to zoning approvals and building permits as received or needed during the
project from the Municipal Land Use Board, Zoning Officer and building department
respectively.
f)
g) Any other data that may be secured from the Borough of R o s e I I e P ark subject
to the approval of the Borough Tax Assessor to assist the Company to determine the full
fair value of the real property to be valued.
27
The Company shall immediately notify the Borough Tax Assessor of any properties
discovered not to be on the current tax list so as to permit adequate time to place an
added/omitted assessment on the property so that all properties properly appear upon the
Borough of Roselle Park Tax List.
The type of construction will be recorded by component parts such as, but not necessarily
limited to, foundation, basement area, wall construction, roof, floors, interior finish,
heating system, frreplaces, plumbing, fixtures, number of rooms, actual and effective age,
physical condition, physical, functional and economic depreciation and/or appreciation, if
applicable, general quality of construction, rent (if rented), and sales data.
Each property data lister shall record the name or code of the person making the
inspection and the date of the inspection as well as the signature of the occupant verifying
that an interior inspection has been conducted. Actual interior inspection is required and
at no time shall the property owner's description be accepted in lieu of inspection. The
signature of the party present at the time of inspection shall be requested and be a part of
the inspection documentation.
The data collection worksheets and/or field sheets will be returned by the field staff after
which they shall be reviewed for accuracy and encoded into a computer data system.
A hard copy or computer data access to field work shall be forwarded biweekly to the
Borough Tax Assessor's Office after encoding and a preliminary calculation so that it can
be progressively reviewed by the Borough Tax Assessor. Upon completion of a review
by the Borough Tax Assessor, should discrepancies appear in the Company's listings, the
Company shall make the necessary corrections at its own expense.
The format of the property record data collection card shall be as indicated on the
Union County System (Mod IV and CAMA). The Tax Assessor may make random
spot checks throughout the Borough of R o s e II e P ark to verify that inspections
are being conducted in the appropriate manner. The Tax Assessor or his designee may
accompany Company employees at any time during field inspections.
Properties which may be altered by building permits subsequent to field review and up to
and including the date of mailing notices or valuation developed by the Company, shall
require an audit trail and shall be field reviewed by the Company prior to finalization of
value.
28
A final (I 00%) drive-by visual field inspection is required and review of all land and
buildings be made upon completion of field and office computations by experienced
Company personnel to insure accuracy of all data recorded on a hard copy of the
computer data files. The purpose of this review will be to account for and adjust for
factors which may have a direct hearing on the market value of properties as well as to
ensure a property's equitable relationship to surrounding properties. This review shall be
accomplished by a supervisory level employee of the Company.
19. Computer Requirements
The revaluation of all properties must be computer generated so that the data can be
integrated into the computer mass appraisal system (CAMA). Compatibility of any
computer system used in the process of accomplishing this revaluation must be
demonstrated prior to the awarding of this contract. The Borough currently uses
MicroSystems-NJ.
It shall be the Company's exclusive responsibility to ensure compatible and actual
operation of any computer system that the Company may use.
The Real Property Appraisal Manual of New Jersey, Third Edition, Volumes I and II and
any updates must be computerized for the purpose of generating computer data files for
residential and commercial properties.
29
The Company shall establish site values for each parcel within the Borough of Roselle
Park utilizing the appropriate zoning requirements as a base. Any variations caused by
Parcel characteristics shall be determined as factors to be applied to the base cost to
determine a final parcel valuation. Land valuators must be familiar with the process
of valuations being affected by leases, flood plain, and hazard areas, wetlands, right
of ways, and easements, riparian rights and leases, etc. if applicable. Conservation easements,
common areas and wetlands are to be valued uniformly throughout the Borough of
Roselle Park where applicable. Right of ways, riparian rights and easements are to be
noted on the property data file and considered in the valuation process. All land
valuation calculations shall be recorded on the proper data files and carefully checked
for accuracy. All computations from the base rate to the final calculated value shall be
shown on the data files. The Company shall verify all land dimensions against the
Borough of Roselle Park tax map.
21. Residential Valuation
For the appraisal of residential properties, the Third Edition of the New Jersey Real Property
Appraisal Manual shall be utilized. Residential schedules shall contain all variations from the
base in order to price all types of wall construction, roofs, floors, heating, air-conditioning,
plumbing, fireplaces, interior finish, finished attics, dormers, finished basements, built-ins,
multi-family homes, decks, patios, porches, piers, piles and garages. The schedules shall
show prices for various sizes as well as types and grades of construction. A cost conversion
analysis shall be submitted to the assessor to justify the factor utilized to determine the
estimate of value in the cost approach. In the absence of vacant land sales a land abstraction
methodology may be used to isolate the land and improvement values.
The Company shall collect and analyze all fair market sales that occurred during the three (3)
years prior to the revaluation date in order to develop the market data approach. The
Company shall prepare a sample format to be approved by the Borough Tax Assessor that
will be used in this approach to value. The identification of market trends is important and a
paired sales analysis is to be used to determine and document such trends. Analysis shall
include sales ratio studies and development of general, segmented, and stratified coefficients
of deviation and other such spreadsheet analysis deemed appropriate.
A certified letter, return requested, explaining the reasons for inspection shall be sent to all
property owners that have refused the Company permission to inspect their property. A
second regular letter shall be sent to those properties that were not inspected after three
attempts to contact said owners. This is at the expense of the Company. Documentation is
required to support the accomplishment of the entry inspection report.
The cost conversion factor shall be documented through market studies and shall be
substantiated by written documentation. Use of the fmal cost factor shall be made only after
approval by the Borough Tax Assessor.
Physical, functional and economic depreciation and/or appreciation observed by any data
collector must be recorded separately on the data file and explained in writing for each
property. The final net condition is to be reflected in the improvement calculation. The
concept of effective age shall be used.
30
A booklet of usable sales shall be developed by the Company and original copy provided to
the Borough Tax Assessor for the hearings and in support of value used. This booklet shall
be provided for sales for a two-year period. At least one staff member of the Company that
was responsible for establishing value shall be in attendance at each informal hearing.
New digital photographs will be taken by the Company for all improved properties. Said
photographs shall be properly and correctly identified using a digital, color camera and shall
be prepared using equipment that allows for the inclusion of the date on each photograph.
Photographs shall be attached to the MODIV and CAMA files for each property.
Additionally residential or commercial structures on the same parcel shall be separately
photographed.
22. Commercial, Industrial and Apartment Valuations
For the appraisal of commercial, industrial and apartment properties, the Third Edition of
the New Jersey Real Property Appraisal Manual shall be utilized when finalizing the
value using the cost approach. A folder to create a Cost Sheet, sketch of the building, site
plan, and income approach shall be required for all Class 4 properties, where applicable.
The Company shall collect and analyze fair market sales that occurred during the three
(3) years prior to the revaluation date to develop the market approach to value. The
Company shall prepare a sample format to be approved by the Borough Tax Assessor that
will be used in this approach to value. The identification of market trends is important
and a paired sales analysis is to be used to determine and document such trends. Analysis
shall include sales ratio studies and the development of general, segmented, and stratified
coefficients of deviation and other such statistical methods as considered appropriate.
A valuation utilizing the cost, market, and income approaches to value is to be generated
for each property where applicable.
All properties that are experiencing an income or are potential income-producing
properties shall have a written report outlining the factors used to develop the income
approach valuation. The Company shall request income and expense statements on all
class four (4) properties by certified mail, return receipt requested, pursuant to N.J.S.A
54:4-34 over the Borough Tax Assessor's signature. Mailing costs for these requests
shall be at the Company's expense.
The Company shall analyze the local market place to derive economic rates, rentals, and
expenses in order to arrive at a supportable indication of value. The Company can make
use of prior income and expense information received by the Borough Tax Assessor to
conclude this analysis which must be documented for future reference.
The Company shall analyze all income and expense statements received and investigate
lease and rentals for the purpose of establishing economic rents and gross rent
multipliers, when applicable.
Capitalization rates to be used for the income approach to value must be obtained from
the market, documented, and provided to the Borough Tax Assessor for review. An
unloaded simple band on investment capitalization rate shall be derived for the purposes
of developing an estimate of value on all income producing properties.
31
Site improvements such as fencing, lighting, and paving are to be valued as accessory
items.
Depreciation factors shall be determined through market studies and shall be
substantiated by written documentation. Physical, functional, and economic depreciation
and/or appreciation observed by a valuator must be recorded separately on the data file
and explained in writing for each property when applicable. The final net condition is to
be reflected in any calculations.
Documentation of sales, capitalization rates, and related information is to be filed under a
separate report as approved by the Borough Tax Assessor.
23. Land and Sales Mapping
During the course of this project, the Company shall prepare a land value sales map to be
transmitted to the Borough Tax Assessor upon completion of this project for his/her
future use.
The land value and sales map shall include the boundaries for each land use zone, the
boundaries for each neighborhood control sector and the base land value rate to be
applied for said control sector. This map shall also identify, by color-coding any
properties which have sold between three (3) years and the completion date of this
contract as an arms-length transaction, the date of the sale and the sale price. A
comparable sales booklet as described herein shall be part of this analysis also.
24. Property Owner Notification and Review
A letter by the Company the wording of which shall be approved by the Borough Tax
Assessor shall be mailed to all taxpayers as specified in the revaluation compliance work
plan which is a part of this agreement.
Upon determination of property values the Company shall, at its own expense, notify
each property owner of said valuation. Assessment notices shall not be sent out prior to
November 6, 2015. This notice shall also advise the property owner of his/her right to
attend an individual informal review of the valuation at a designated location within the
Borough of Roselle Park. The Company shall schedule sufficient time to fully
review and discuss the valuation with qualified Company personnel so as to complete
informal reviews no later than December 4, 2015.
Upon completion of informal reviews, a written record of each hearing held shall be
provided to the Borough Tax Assessor for his/her review. Revisions resulting from
taxpayer reviews shall only be made with the consent of the Borough Tax Assessor.
Each property owner shall be informed, in writing by the Company of the results of their
valuation review in writing within three (3) weeks of the conclusion of all reviews.
25. Records and Computations to Become Property of Borough of Roselle Park
Upon conclusion of all property owner reviews and acceptable revisions, the Company
shall meet with the Tax Assessor to finalize all aspects of this project. The purpose of
this meeting shall be to transmit to the custody of the Tax Assessor the original of all
records and computations of the Company pertaining to any appraisal of property in the
Borough of Roselle Park if not previously requested and received. No material
shall be retained by the Company. These records shall include, but not necessarily be limited
to:
32
I. Written statements to the public or group concerning the nature of the project;
2. Any letter or memoranda to individuals or groups explaining methods used in the
appraisal of property;
3. Sales data collected for use in the appraisal process including comparable sales
studies, sales ratio studies, sales map, and the sales book;
4. Land valuation data including the land value map indicating VCS areas;
5. Data relative to the determination of cost conversation factor and depreciation
schedules;
6. Data relative to rental schedules, operating statements of income properties, and
capitalization rate studies;
7. Data relative to general, stratified, segmented and weighted coefficient of
deviation studies;
8. Data processing information pertaining to the format of the computer systems
used in the project;
9. Pictures of properties as required by this contract;
I 0. Computer tapes containing property data files which will produce the Borough
Tax Assessor's records to be used in the development of the certified tax list.
These tapes shall be in a format consistent with the New Jersey Property Tax
System MOD IV; and
II. Any other records pertaining to the revaluation program or computer programs.
27.
The parties to this agreement further agree to incorporate into this agreement the
mandatory language of subsection 3.4(a) of the Regulations promulgated by the New
Jersey State Treasurer pursuant to P.L. 1975, c. 127, as amended and supplemented from
time to time, and the Company or subcontractor agrees to comply fully with the terms,
provisions, and obligations of said subsection 3.4(a), provided that said subsection shall
be applied subject to the terms of subsection 3 .4( d) of said Regulations.
The parties to this agreement agree to incorporate into this agreement the mandatory
language of subsections 7 .4(a) and (b) of Regulations promulgated by the Treasurer
pursuant to P.L. 1975, c. 127, as amended and supplemented from time to time, and the
Company or subcontractor agrees to comply fully with the terms, provisions, and
obligations of said subsections 7.4(a) and (b).
The Company shall execute the Affirmative Action Agreement, which shall be
incorporated herein by reference.
The Company shall submit Affirmative Action Form AA-201 (Initial Project Manning
Report-Construction) and Affirmative Action Form AA-202 (Monthly Manning ReportConstruction) prior to any payments being made under this agreement.
34
The agreement, together with the contract documents, form the contract and they are as fully a
part of this agreement as if hereto attached or herein repeated. The Borough of Roselle Park
and the Company for themselves, their heirs, executors, administrators, successors, or assigns,
hereby agree to the ful! performance of the covenants herein contained.
BY:~~~--~~---
Joseph Accardi, Mayor
BY:~~~~----
Gail A. Scaglione,
Tax Assessor
~
Witnessed by:
-~
NAME OF COMPANY
REALTY APPRAISAL COMPANY
BY:
BY:
Witnessed by:
DATE:-------------
35
Attested By
Date
36
APPENDIX A
BOROUGH OF ROSELLE PARK
PROPERTY CLASSIFICATION SUMMARY
2014
CLASS PROPERTY CLASSIFICATION
VACANT LAND
3A
FARM REGULAR
3B
FARM QUALIFIED
4A
COMMERCIAL
4B
INDUSTRIAL
24
4C
APARTMENTSIMULTIFAMILY
35
!SA
15B
15C
15D
EXEMPT CHARITABLE
15E
EXEMPT CEMETERIES
!SF
EXEMPT MISC.
TOTAL
22
3 310
180
58
20
3663
NOTE: THE PRICE SHALL BE BASED UPON THE ABOVE LINE ITEM COUNT, THE
CONSOLIDATION OF ANY LINE ITEMS REQUIRED BY THE ASSESSOR WILL NOT BE
USED TO ADWST SAID PRICE AFTER THE EXECUTION OF THIS AGREEMENT.
37
APPENDIX A-1
BOROUGH OF ROSELLE PARK
REVALUATION PROJECT
SCHEDULE OF LINE ITEM FEES*
CLASS
1
VACANT LAND
5 PER PARCEL
60 PER PARCEL
3A
FARM QUALIFIED
60 PER PARCEL
3B
FARM REGULAR
5 PER PARCEL
4A
COMMERCIAL
4B
INDUSTRIAL
4C
APARTMENTS
15A
25 PER PARCEL
15B
25 PER PARCEL
15C
25 PER PARCEL
15D
EXEMPT CHARITABLE
25 PER PARCEL
15E
EXEMPT CEMETERIES
25 PER PARCEL
15F
EXEMPT MISC.
25 PER PARCEL
APPENDIXB
BOROUGH OF ROSELLE PARK
LIST OF SUPERVISOR(S) TO BE RESPONSIBLE (IN CHARGE) OF ENTIRE PROJECT
(PROVIDE SEPARATE FOLDER, IF NEEDED)
39
APPENDIXC
BACKGROUND INVESTIGATION RELEASE
POLICE DEPARTMENT CONSENT FORM
The undersigned hereby authorized the Borough of Roselle Park or any of their agents,
representatives, or employees to obtain information concerning my personal background,
including my driving record or any criminal record I may have, whether by utilizing the resources
of the Federal and State governments (including but not limited to the NCIC and SCIC computer
networks) or any other investigative sources.
TO BE PROVIDED
SIGNATURE
DATE
WITNESS
40
APPENDIXD
BOROUGH OF ROSELLE PARK
CONTAINING: REVALUATION COMPLIANCE REPORT
BOROUGH OF ROSELLE PARK PAGE 1-5
(May consist of more than 5 pages covering period of project.)
41
APPENDIXE
BOROUGH OF ROSELLE PARK
BREAKDOWN OF MAJOR TASKS OF REVALUATION PROJECT
FURTHER BREAKDOWN OF PAYMENT SCHEDULES
Total Contract Price
Line Item Total
Contract Dnration (months)
Project Task
Planning/Organization
Percentage
of Project
$239,000
3663
12
Payment
Dollar Valne
Per Month
Per Line
Item
$11,950
$996
$3.262
50
2
5
2
$119,500
$4,780
$11,950
$4,780
$9,958
$398
$996
$398
$32.624
$1.305
$3.262
$1.305
5
2
5
2
$11,950
$4,780
$11,950
$4,780
$996
$398
$996
$398
$3.262
$1.305
$3.262
$1.305
Residential
Vacant Land
Class 4 Comm!Ind/Apt
Exempt
5
2
5
I
$11,950
$4,780
$11,950
$2,390
$996
$398
$996
$199
$3.262
$1.305
$3.262
$0.652
Taxpayer Hearings
$11,950
$996
$3.262
Project Finalizaton
$9,560
$797
$2.610
Retainage
$0
$0
$0.000
$239,000
$19,917
$65.247
Data Collection
Residential
Vacant Land
Class 4 Comm/Ind/Apt
Exempt
AnalysisNa! nation
Residential
Vacant Land
Class 4 Comm!Ind/Apt
Exempt
Field Review
TOTAL
100
APPENDIXF
BOROUGH OF ROSELLE PARK
REVALUATION PROJECT
43SCHEDULE OF TAX COURT APPEAL FEES*
PROPERTY CLASS
REPORT PREPARATION
FEE PER REPORT
COURT APPEARANCE
FEE PER HOUR
$1,000
$90
1,000
90
3,000
90
4,000
90
5 000
90
3,000
90
4,000
90
5 000
90
3,000
90
26 TO 50 UNITS
4 000
90
5,000
90
6,000
90
VACANT LAND
RESIDENTIAL
(4 FAMILY OR LESS)
4A COMMERCIAL
4B INDUSTRIAL
LESS THAN 10,000 SQ. FT.
10,001 TO 25,000 SQ. FT.
25,001 OR MORE SQ. FT.
4C APARTMENTS
51 TO 100 UNITS
*TOBE
COMPLETED BY
COMPANY AND
PART OF
AGREEMENT
43
APPENDIXG
MONTHLY BILLING SUMMARY*
PROJECT ELEMENT
!.PLANNING AND ORGANIZATION
(SCHEDULE E TOTAL AMOUNT$ _ _ _____
AMOUNT REPORTED
COMPLETE
2.DATA COLLECTION
A.RESIDENTIAL
(SCHEDULE E TOTAL AMOUNT#,----.!
!.MEASURES
AT$:--2.L!STED
AT$
3.DATAENTRY
AT$'---B. COMMERCIAL /INCOME/EXEMPT
(SCHEDULE E TOTAL AMOUNTS. _ _ __,
!.MEASURES
AT$::----2.LISTED
AT$
3.DATA ENTRY
AT$--C. VACANT PARCELS
!.MEASURES
___ AT$:--2.LISTED
___ AT$:--_ _ _ AT$._ __
3.DATAENTRY
SUBTOTAL
_ _ _%
_ _ _%
___%
_ _ _%
_ _ _%
_ _ _%
_ _ _%
_ _ _%
_ _ _%
_ _ _%
_ _ _%
%
%
B.COMMERCIALIINCOME!EXEMPTNACANT LAND
(SCHEDULE E TOTAL AMOUNT$
l.DATAACCEPTANCE
AT$ - - - - '
2.INITIALANALYSIS
AT$
AT$
3.FINAL ANALYSIS
%
%
%
44
_ _ _%
_ _ _%
_ _ _%
_ _ _%
B. COMMERCIAL/INCOME/EXEMPT
(SCHEDULE E TOTAL AMOUNT$
!.QUALITY CONTROL
AT$
2.FIELD REVIEW
AT$
3 .FINAL REVIEW
AT$
4.TAXPAYERHEARINGS
SCHEDULE E- $
5.PROJECT FINALIZATION
SCHEDULE E- $
6.RETAINAGE
SCHEDULE E- $
TO BE COMPLETED BY COMPANY
MONTHLY BILL:$_ _ _ _ __
%
%
%
%
%
%
45
Subcontractors:
NONE
12.
Employees:
13.
14.
15.
16.
17.
18.
In July, 2013, after working on the Revaluation of Jersey City for over 2
years, the newly elected Mayor decided unilaterally to suspend the revaluation,
and halt payments owed to our firm for work already completed.
Informal communication failed to reach a settlement of our monetary
claims. We initiated a lawsuit against the city last year.
November 26,2014
Date
#15.
F: 866.420.4161
E-mail: jayh@cpa.com
J~ P. ffabennan; CPA
Plainview, NY
February 10, 2014
18,784
780,233
799,017
$153,861
142,681
11,180
Security Deposits
4,055
TOTAL ASSETS
814,252
::::::::::::::::::::;:::;:::;:::;::::;;::::
Partners' Capital
TOTAL LIABILITIES AND PARTNERS' CAPITAL
11' 850
802,402
814,252
===========
$ 3,495,637
$
180,834
103,706
14,011
52,461
Gross Profit
Administrative Expenses:
Salaries & wages
Telephone
Printing & mailing
Office expenses
Dues & licenses
Auto expenses
Convention & promotion expenses
Insurance
Professional fees
Trade journals
Occupancy costs
Employee welfare
Payroll taxes
Contributions
Tra_ining
Data processing
Depreciation
Employee pension
351,012
3,144,625
2,571,646
4,568
114,161
13,879
2,241
1,366
44,047
66,358
19,858
1,281
6,052
65,892
218,428
250
800
4,244
4' 362
23,060
3' 162,493
17,868)
Investment Income
NET INCOME/ (LOSS)
316
$(
17,552)
===========
Net income/(loss)
17,552}
Partners' distributions
975,954
156,000)
802,402
======:::====:::
Operating Activities:
Net income/loss
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation
Decrease in accounts receivable
Decrease in accrued expenses
$(
$
4' 3 62
216,472
( 30,978)
189,856
172,304
Investing Activities:
Purchases of furniture & equipment
11,255)
Financing Activities:
Partners' distributions
156,000)
Increase in Cash
5,049
Cash - Beginning
cash - Ending
17,552)
13,735
18,784
===========
$
$
-o-o-
==========
NOTE A:
Nature of the Business: The Company is engaged in the appraisal of commercial and
residential real estate for various municipalities in the state of New Jersey. The Company's
ability to continue operations at current levels rests with the needs of these municipalities
for its services. The Company has been in business since 1934.
Accounts Receivable and Credit Risk: Accounts receivable are stated without any provision
for doubtful accounts. When accounts are deemed to be uncollectible, they are written off
and charged to operations during that period. For the year ended December 31, 2013,
there were no bad debts charged to operations.
Depreciation: Furniture and equipment is stated at cost. Depreciation is calculated over
the estimated useful lives of the assets (5 to 7 years), using the straight-line method.
Depreciation of $4,362 was charged to operations for the year ended December 31, 2013.
Income Taxes: The Company operates as a partnership and pays no federal or state
income taxes. The taxable income earned by the partnership is reported by each partner in
proportion to his interest in the partnership.
Estimates: The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America requires the use of estimates
by management. Actual results may vary.
NOTE 8:
PENSION PLAN
The Company sponsors a 401 (k) pension plan for all eligible employees. During the year
ended December 31, 2013, $23,060 has been charged to operations for the Company's
contribution to the plan.
The Company also sponsors a profit sharing plan for all eligible employees. Contributions
to this plan, if any, are determined by the partners annually. During the year ended
December 31, 2013, the company made no contribution.
NOTE C:
The Company leases its office facilities from a related party. Occupancy costs of $6,052 {a
below market amount) have been charged to operations for the year ended December 31,
2013. Management estimates the fair market value of rent for the space it occupies would
be approximately $20,000 annually.
Plainview, NY
February 6, 2013
ASSETS
Current Assets:
cash
Accounts receivable
1,010,440
13,735
996,705
$142,606
138,319
4,287
4,055
Security Deposits
TOTAL ASSETS
$ 1,018,782
==============
LIABILITIES AND PARTNERS' CAPITAL
Current Liabilities:
Accrued expenses
Partners' Capital
TOTAL LIABILITIES AND PARTNERS' CAPITAL
42,828
975,954
$ 1,018,782
============
Field expenses
$ 3,658,220
$
202,163
89,393
65,490
58,955
416,001
Gross Profit
Administrative Expenses:
Salaries & wages
Telephone
Printing & mailing
Office expenses
Dues & licenses
Auto expenses
Convention & promotion expenses
Insurance
Professional fees
Trade journals
Occupancy costs
Employee welfare
Payroll taxes
Contributions
Training
Data processing
Depreciation
Employee pension
3,242,219
2,439,374
9,215
102,709
10,208
2,949
2,339
36,681
61,925
10' 178
1,528
10,789
70,499
197,080
550
1,990
5,257
3,558
41,908
3,008,737
OPERATING INCOME/(LOSS)
233' 482
Investment Income
NET INCOME
563
$
234,045
===========
Net income
LESS:
Partners' distributions
897,909
234,045
156,000)
975,954
===========
Operating Activities:
Net income
Adjustments to reconcile to net cash
provided by operating activities:
Depreciation
Increase in accounts receivable
Decrease in accrued expenses
234,045
3,558
( 83,000)
(
7)
79,449)
154,596
Financing Activities:
Partners' distributions
156, 000
Decrease in Cash
Cash -
Beginning
Cash -
Ending
1,404
15,139
13,735
=::::========
$
$
-0-0-
==========
Nature of the Business: The Company is engaged in the appraisal of commercial and
residential real estate for various municipalities in the state of New Jersey. The Company's
ability to continue operations at current levels rests with the needs of these municipalities
for its services. The Company has been in business since 1934.
Accounts Receivable and Credit Risk: Accounts receivable are stated without any provision
for doubtful accounts. When accounts are deemed to be uncollectible, they are written off
and charged to operations during that period. For the year ended December 31, 2012,
there were no bad debts charged to operations.
Depreciation: Furniture and equipment is stated at cost. Depreciation is calculated over
the estimated useful lives of the assets (5 to 7 years), using the straight-line method.
Depreciation of $3,558 was charged to operations for the year ended December 31, 2012.
Income Taxes: The Company operates as a partnership and pays no federal or state
income taxes. The taxable income earned by the partnership is reported by each partner in
PENSION PLAN
The Company sponsors a 401 (k) pension plan for all eligible employees. During the year
ended December 31, 2012, $41 ,908 has been charged to operations for the Company's
contribution to the plan.
The Company also sponsors a profit sharing plan for all eligible employees. Contributions
to this plan, if any, are determined by the partners annually. During the year ended
December 31,2012, the company made no contribution.
NOTE C:
The Company leases its office facilities from a related party. Occupancy costs of $10,789
(a below market amount) have been charged to operations for the year ended December
31, 2012. Management estimates the fair market value of rent for the space it occupies
would be approximately $20,000 annually.
.,
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BID BOND
SURETY:
CONTRACTOR:
WestNewYotk, Nj 07093
OWNER:
(Name, legal status and address)
BOND AMOUNT: Ten Percent of Bid .Amount Not to Exceed Twenty Thousand and 00/100
Dollru:s (10% of Bid NTE $20,000.00)
PROJECT:
(Name, location or address, and Project number, if any)
Rev::Uuation of Real Property
Borough of Roselle Park, NJ
The Contractor and Surety are bound to the Owner in the amount set forth above, for the payment of which the Contractor and
Surety bind themselves, their heirs, executors, administrators, successors and assigns, jointly and severally, as provided herein.
The conditions of this Bond are such that if the Owner accepts the bid of the Contractor within the time specified in the bid
documents, or within such time period as may be agreed to by the Owner and Contractor, and the Contractor either (I) enters
into a contract with the Owner in accordance with the tenns of such bid, and gives such bond or bonds as may be specified in
the bidding or Contract Documents, with a surety admitted in the jurisdiction of the Project and otherwise acceptable to the
Owner, for the faithful performance of such Contract and for the prompt payment of labor and material furnished in the
prosecution thereof; or (2) pays to the Owner the difference, not to exceed the amount of this Bond, between the amount
specified in said bid and such larger amount for which the Owner may in good faith contract with another party to perform the
work covered by said bid, then this obligation shall be null and void, otherwise to remain in full force and effect. The Surety
hereby waives any notice of an agreement between the Owner and Contractor to extend the time in which the Owner may
accept the bid. Waiver of notice by the Surety shall not apply to any extension exceeding sixty (60) days in the aggregate
beyond the time for acceptance of bids specified in the bid documents, and the Owner and Contractor shall obtain the Surety's
consent for an extension beyond sixty (60) days.
If this Bond is issued in connection with a subcontractor's bid to a Contractor, the term Contractor in this Bond shall be
deemed to be Subcontractor and the term Owner shall be deemed to be Contractor.
When this Bond has been furnished to comply with a statutory or other legal requirement in the location of the Project, any
provision in this Bond conflicting with said statutory or legal requirement shall be deemed deleted herefrom and provisions
confonning to such statutory or other legal requirement shall be deemed incorporated herein. When so furnished, the intent is
that this Bond shall be construed as a statutory bond and not as a common law bond.
2nd
day of
December. 2014
Realty
(Witness)
(Title)
(Witness)
Apprais~any
(Principal)
(Surety)
(Seal)
(Title)
This Document conforms to the AlA Document A31 orM- 2010
CONSENT OF SIJRETY
. lnConS'lderation of the premises ~nd.ofOne Dollar ($1.00) lawful money of the United States, it is in h.;,_d paid
.by the CONTRACTOR, the recei:1twhereof is hereby acknowledged, the undersigned surety consents and agrees
that if the contract, for which the preceding estimate and proposal is made, .be awarded to the person or persons
submitting the same as contra.cied, it will become bound as s.uretyand.guarantor for its. faithful performance, in an
amount equal to one hundred percient (lOp%) of.the contractpric.e;:lll\d will exequte it as party of the thlrd party
thereto when r.equired to do .so. by pie OWNER,. and if said CONTRACTOR shall omit or refuse to execute such .
contract, if so awarded, it will pa~ without,.proof.of notice and.on. <;lemand to the OWNER any incn:,ase between
the sum to which the said CONTI"ACTORwould Jiave:been,en#tledupon the completion of the contract and the.
sum which the said o\VNER m1Y. be obligated to pay to another contr.actor to whom the contract may be
aftem;ards awarded, tlie amount u(;uch.ca~e to be determined by the: bids plus the cost, if any, or re-advertising
for bids fo:t: this work; less that am)unt.of any .certified clieck orbi(('bond. payable and received.
.:
.
.rn witness whereof; the said suret} . has caused these presents to"be signed .and attested by a duly authorized oflic;er .
and its corporate seal to be hereto .d!:!Xed'.tbis 2nd
dayof
December
2014 .
~s:..~
(Witness)
State of
Connecticut
County of . Hartford
On this
2nd
day of
December .
, 20...1..4_, before me apP,ear.ed Lisa M. Kurtz
to me perswa!J.:h ~"'a who
me duly sworn; did saytha:t he is the aforesaid officer or attorney-in-fact
of the.
or Tns~ia~~!i cEic 1
Y
iS beill%t
(Signature)
Anne Shattuck
----
GENERALPOWEROFATTORNEY
KNOW ALL MEN BY THESE PRESENTS, THAT North American Specialty Insurance Company, a corporation duly organized and existing under
laws of the State ofNew Hampshire, and having its principal office in the City ofManchester, New Hampshire, and Washington International
Insurance Company, a corporation organized and existing under the laws ofthe State of New Hampshire and having its principal office in the City of
Schaumburg, Illinois, each does hereby make, constitute and appoint:
MICHAELF.METAYER,LISAM.KURTZ and ANNE SHATTUCK
JOINTLY OR SEVERALLY
Its true and lavtful Attomey(s)~in-Fact, to make, execute, seal and deliver, for and on its behalf and as its act and deed, bonds or other writings
obligatory in the nature of a bond on behalf of each of said Companies, as surety, on contracts of suretyship as are or may be required or permitted by
law, regulation, contract or otherwise, provided that no bond or undertaking or contract or suretyship executed under this authority shall exceed the
amount of:
FlFIY MILLION ($50,000,000.00) DOLLARS
r-~,
This Power of Attorney is granted and is signed by facsimile under and by the authority of the following Resolutions adopted by the Boards of
Directors of both North American Specialty Insurance Company and Washington International Insurance Company at meetings duly called and held
on the 9th ofMay, 2012:
"RESOLVED, that any two of the Presidents, any Managing Director, any Senior Vice President, any Vice President, any Assistant Vice President,
the Secretary or any Assistant Secretary be, and each or any ofthem hereby is authorized to execute a Power of Attorney qualifying the attorney named
in the given Power of Attorney to execute on behalf of the Company bonds, undertakings and all contracts of surety, and that each or any of them
hereby is authorized to attest to the execution of any such Power of Attorney and to attach therein the seal of the Company; and it is
FURTHER RESOLVED, that the signature of such officers and the seal of the Company may be affiXed to any such Power of Attorney or to any
certificate relating thereto by facsimile, and any such Power of Attorney or certificate bearing such facsimile signatures or facsimile seal shall be
binding upon the Company when so afft.xed and in the future with regard to any bond, undertaking or contract of surety to which it is attached."
By-=~~~~~~~~-=~~~--~~
By
~7"""-"- -
W 'WITNESS WHEREOF, North American Specialty Insurance Company and Washington International Insurance Company have caused their
official seals to be hereunto affixed, and these presents to be signed by their authorized officers this26th day of
June
20.!3._.
North American Specialty Insurance Company
Washington International Insurance Company
State of Illinois
County of Cook
ss:
"OFFICIAL SEAL..
DONNAD.SICLENS
Notary Public. State of Illinois
My Commission Expires !0106120 15
IN WITNESS WHEREOF, I have set my hand and affrxed the seals of the Companies this 2nd day of December , 20 14.
-~/pg~
Wnshing:ton Intctn:~tional Insurance Company & North Americ:m Specialty Insurance Sompnny
NORTH AMERICAN
SPECIALTYINSURANCIE COMPANY
ASSETS
189,334,348
195,092,331
12,429,484
57,266,748
514,172,911
Cash
Bonds
Other Invested Assets
5,100,999
25,730,296
10;778,428
99,509,970
373.047.218
514,172,911
The i.mdersfgned, being duly sworn., says: Th~t he.is'Vice President/'f.reasurer of North Ame:ricanSpeclalty lnsurance.Company, Schaumburg.lllinots
that satd company is a corporation dulyorganized, existing by virtue of the Laws of th.e State of New Hampshire and that said Company has also
compned .with and is duly qualified to act as Surety.~nderthe Act of Congress approved;. 'July 1947 6 U.S.C'. Sec. 6-f3: and that to the beSt
of his knO\Niedge and belief the above statement ls a full, true and correct statement-of the fihancial condition of' the said Company on the
3tstdayofDecember,2013.
2_
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Notal}' Public
(')
OFFICIAL SEAL
MKENNY
NOTARY PUBLIC, STATE OF ILLINOIS
MY COMMISSION EXPIRES 12/04/2017
..1-:1
-0
Company
Brochure
----.
Pg. 1
Services Offered
Pg.2
Company History
Pg.4
Pg.8
Client List
Pg. 10
Letters of Recommendation
Pg. 12
Quality Assurance
Pg. 15
Pg. 16
Pg. 18
Pg.20
Pg.22
Pg.23
Pg.24
Pg.26
Pg.28
Pg.30
Public Relations
Pg. 32
Photography
Pg. 33
Pg. 34
Pg. 35
Pg. 36
Pg. 37
Pg. 38
Pg.40
Pg.42
Pg.43
Pg.44
Pg.46
Pg.47
Pg.48
Pg.49
Pg.52
Page 8 Formula
Revaluation Analysis
Zoning Maps
Sample Appraisal Report used for County Tax Appeals
Tax Appeal History
Chapter 123 Ratios
Residential Property Inspection Form
Residential Property Record Card
Commercial/Industrial Record Card
Commercial Pricing
Marshall and Swift Pricing Sheet
Capitalization Technique
Income and Expense Statements
(avD.ilablo on webs:ite)
Apartment Properties
Income Producing Properties
Chapter 91
(avallilble on website)
Pg.53
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ffered
Services
Revaluation:
Reassessment:
A program to appraise all or a substantial portion of a municipality
to establish fair market value without inspecting and measuring
the properties, using existing data.
Tax Appeals:
Assisting municipalities in defense of tax appeals, either at the
county board of taxation or Tax Court of New Jersey.
-~. : 'RealtyAppraisdi:Company
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Company History
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10
Qualification of Personnel
Taxpayer Relation Program
Application of
Three Approaches
Timely Completion
[IJOU!'ee: ilia 3-..trte of New Jotooy'o oVIllllltlon ol appml.Cal compamoD accrooo the atate]
m
u
Realty Appraisa/Corripa'rly. .
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State Average
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and
had
and
Stanley is a licensed real estate broker for the State of New Jersey
and has qualified as an expert before many boards of taxation and
the New Jersey State Tax Court.
Stanley attended Cornell University where he studied Mechanical
Engineering. He completed six courses of study through the
American Institute of Real Estate Appraisers.
-~.
Realty'AppraisaJCompany
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Steven Rubenstein
MAl, SCGREA, C.T.A.
Neil Rubenstein
SCRREA, C.T.A.
James Farley has served Realty Appraisal Company for 30 years_ Prior to
joining the firm, James spent four years in building construction. He has
been supervising revaluations for the last 27 years in numerous municipalities
across the state.
James Farley ~ Supervisor
Mark Duda has been involved in the mass appraisal field and municipal
revaluations since 2004 . He has performed all duties related to both residential
and co=ercial revaluations both as a field inspector and a field supervisor.
In addition, Mark has appraised a variety of properties for corporations and
municipalities. He has also testified before County Boards of Taxation and in
the New Jersey State Tax Court.
Mark is a graduate of New York University where he attended the Leonard N.
Stem School of Business. Since graduating, he has completed several courses
of study in Real Estate Appraising.
MarkDuda
SCRREA - Supervisor
A New Jersey State Certified appraiser since 2005, Eydie has appraised
thousands of residential properties for lending institutions, estate sales and
tax litigation. She has provided expert testimony before the Ocean and
Monmouth County Boards of Taxation. Eydie's knowledge and experience is
an asset recognized by her clients.
Eydie Saleh
SCRREA
Andrew has been a valued employee of Realty Appraisal Company for over
7 years. He has worked in multiple capacities as both a field inspector and
a field supervisor. In addition, Andrew has participated in residential tax
appeals, appearing at County Boards of Taxation, and in the New Jersey
State Tax Court.
Andrew is a graduate of Montclair State University where he obtained a
major in Psychology. Since graduating, he has completed numerous courses
of study in Real Estate Appraising.
AndrewDuda
Supennso~SL~
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Field Inspectors
Support Staff
,Realt}tAppraisal Company'
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Riverside 1973
Riverton 1960
'~
CAMDEN COUNTY
Bellmawr 1960
Berlin Twp. 1960
'""'
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ATLANTIC COUNTY
Egg Harbor Twp. 1960
BERGEN COUNTY
Alpine 1973
Bergenfield 1976
Carlstadt 2012
Cliffside Park 1964
Closter 1999
Cresskill 1957
Demarest 1957-1966-1995
Dumont 1961
East Rutherford 2009
Emerson 1958- 1998- 2010'
Englewood 1979-1987-1993-2006-2010'
Fair Lawn 1987-1994-2006
Fairview 1964-1973-1978
Hackensack 1987-2006
Harrington Park 1987-2012
Hasbrouck Heights 1978
Haworth 1956-1987
Hillsdale 1986-1994-2006-2012
Leonia 1967-1971-1985
Little Ferty 1986-1993
Lyndhurst 2005-2011'
Mahwah 1986
Maywood 1987-2007
Midland Park 2001-2011
Moonachie 1965
New Milford 1987
North Arlington 1964-1978-2010
Northvale 1986
Old Tappan 1960-1976-1985-1992-2001-2010
Oradell 1970-1974
Paramus 2003-2007'
Ridgefield 1994
Ridgewood 2000
River Edge 1963-1978-1987
River Vale 1985-1994-2007
Rochelle Park 1978
Tenafly 1958-1966-1974-1983-1993-2002-2010
Teterboro 2003-2007
Washington 1958-1966-1978-1986
Westwood 1959-1965-1978-1986
Woodcliff Lake 1967-2002
Wood-Ridge 1962-1984
Wyckoff 1968-2005
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Client List
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ESSEX COUNTY
Belleville 1969-1977
Bloomfield 1961
Cedar Grove 1968
Glen Ridge 2007
Maplewood 1969
Montclair 2011'
Orange 1957-1965
Roseland 1968
South Orange 2011'
Verona 1972
West Orange 1971
GLOUCESTER COUNTY
Paulsboro 1960-1977
Pitman 1960-1973
HUDSON COUNTY
Bayonne 1963-1990
East Newark 1967-1985
Guttenberg 1963-1970
Harrison 1970-1987
Hoboken 1970
Jersey City 1965
Kearny 1968
North Bergen 1951-1968-1991
Secaucus 1968
Union City 1968
Weehawken 1968-1973
WestNewYork 1958-1967-1990
HUNTERDON COUNTY
Stockton 2006
MERCER COUNTY
East Windsor 2009
Hamilton Twp. 1962
Lawrence Twp. 1973
MIDDLESEX COUNTY
Carteret 2011
Dunellen 1964
Edison 1957-1964-1972-1982
Helmetta 2006-2011'
Highland Park 1958-1972-1978
Madison Twp. 1972
Milltown 1959-1968-1979
Monroe 1992-2013
New Brunswick 1967-1973
North Brunswick 1962-1984
Piscataway 1957-1966-1974-2013
Perth Amboy 1971-1989
Sayreville 1965
South Amboy 1984-2004
South Plainfield 1956-1967
BURLlliGTON COUNTY
Burlington Twp. 1959-1970
Cinnaminson 1960-1965-1973
Fieldsboro 1964
Hainesport 1963-1973
Moorestown 1974
Mount Holly 1959
Palmyra 1960-1972
_,
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* Reassessment
RealtY'Appraisa/Company
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Client List
RedltyA.ppraiso/Compariy
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MORRIS COUNTY
Butler 1963-2002
Florham Park 1969
Jefferson 1968-1974-1990
Lincoln Park 1961-1967
Mendham Boro 2005
Mount Arlington 1956-2003
Mount Olive 1998-2007-2009*
Netcong 2005
Parsippany-Troy Hills 1971
Randolph 1958-1967
Rockaway Boro 1969
Rockaway Township 2011
Roxbury 1967
Wharton 1960
OCEAN COUNTY
Barnegat 1995 (CL4)- 2010*
Barnegat Light 2003
Harvey Cedars 2003
Jackson 2008
Lacey Township 1980
Lakewood 1974-1991 (CL4)-2005-2009'
Mantoloking 1959
PASSAIC COUNTY
Bloomingdale 1960
Haledon 1963
Hawthorne 1988
Little Falls 1960
Passaic 1972
Pompton Lakes 1965
SOMERSET COUNTY
Bound Brook 2013'
Franklin 1958
Montgomery 1963
North Plainii.eld 1978-1989
Rocky Hill 1959
Watchung 1969
SUSSEX COUNTY
Andover Twp 2002
Sparta 2001
Vernon 2008
UNION COUNTY
Garwood 1974
Hillside 1962-1974
Kenilworth 1974
Linden 1988
Plainii.eld 1965-1975-1991
* Reassessment
Letters of Recommendation
D<l.:trG,liltJom~:>n,
Durin" th('" ,.
neconnnod
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p.rocm,;Ct you
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month(luccuru"" f<-'-
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OtH to you a.od Mlc f,
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(> revoluution ill OV('r t.IUJJ I
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or A..<ISil!lUtnco, The ~upport
Clln roach
orough ~~lUI invu.Ju.'l.bi<> r,
l'ly>ltQm You supply to tho:>
csourct~
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RJVEREDGEROAD
07670
~AFLY. Nl
(2Q L)56S-6l00
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4912B<'S""IinnAvel~~;093
We:;t New ';{ork, N
F~WE'NSJi[p
OF
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'UOLD
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ld you many times; tho.t is ho
c.xpre!S in writing what l hnvc t~uationoftheBoroush of'
1t is n ple~U>"Ure to
wns in the most recent
s pcrfonnnnce
t1i
yourcorop:my
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field :md in tho h~m~ o ce,
r ur entire J'tt\fr, Ul the
met the obJcctNC of'r
Tbc profe!ISiOJ'IUli::m o :d. drffiC\.J.It assignment one thnt
potentially compllca.ted. d equitable revalu:~.tion.
and its taXpayers .- n fuir :m
Dco.r Steve,
Dumu"
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Sincerely,
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Golub, 0 ,. ttt 'rrct::
Ruy';;~~~ :;;:;.;::;
eurol C. Byrne.
iYfiJYOR
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Quality Assurance
There are basic steps that most revaluation companies take to comply with the Division of
Taxation requirements. The following are some of the quality control steps that we take
which are not included in the basic requirements:
Office Staff
* Checks every line item in the tax list with the tax map to verify
address and lot size, and to be sure every lot is accounted for.
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Supervisor
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. participants.
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from municipal planning boards.
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7.30
7.10
8.29
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7.05,
6 .. 77
8 .. 50
8.50
8.00
6.67
Timely completion
5 .. 85
8.50
8.00
9.00
9.00
9.00
8.50
7.05
6.95
6.43
Your
Average
Score
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* = HIGHEST
~~Q~ICAL
SCORE
RATING CHART
10 Points
7-..5 Points
Satisfactory or At Standard
Marginally Below Satisfactory
Signi-ficantly BelowSatis.f-actory
5 Points
2w5 Points
0 Points
Appraisal
Company
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Public Relations
. 15
, RedifyAppraisa/Cdrripany
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City revaluation
to spread burden
- - - - - - - - - - - - , ment ratio, Mehlhorn said,
By KELLY JOHNSON
The tax assessor must go to the
THEREGISTER
county to obtain permission to
have. certain real-estate sales
voided from inclusion in the ratio.
LO,NG BRANCH - The tax
"The rcval will bring every
reva1ua~ion project cu.rrcntly .
piece of property on the books at
bemg conaucted in the city will I 00 percent so everyone pays his
not cause an across-the-board tax
share of taxes." Mehlhorn
increase but will redistribute the fair
said. "But the city doesn't get one
tax burden aii)ong city residents, cent more; it just puts the tax burCity Finance .Director Ronald J. 'dcn where it belongs . .,
Mehlhorn said yesterday.
Each field inspector will carry
The revaluation began last i~elltification cards issued. by poweek.
llee and a letter signed by City
During the revaluation, field Business Administrator Anthony
personnel from the . Realty Ap- Muscillo and Raftery. When inpraisaJ.Co. will inspect every piece spectors ask for eritry to inspect
of property in the city. Following a the .inside of houses~ they will
reviewcifthe inspections and ..new have. clipboards, measuring tapes
assessments, Tax Assessor Dennis and property record forms.
Raftery will revise or aCcept each
:.If no one' is home on the first
new assessment~ upon which new visil, the inspector will leave a
tax payments will be based. Raf- card with a phone number to
tery.will also personally conduct make other arrangments. lf entry
hi.s own assessments of some city cannot be made during the second
property.
1~ft:
About 20 inspee-
with. Realty
"A lotof things peo- ton;
Appraisal. Co. are
ple think figure into re- . now going through
assessments really
don't"
-Bernard Ha:ruzy,
sessor.
. The townwide reassess~
ment, last done in 1991, is
expected to be completed
the
township,
by
ne~borhood, to
look at every property, Haney said,
and so far about
5,000 inspections
have been com- Top: Greg Lewit (left), a revaluation lns;pect<t~
pleted. .
Haney,- Neptune tax.assessor, review a road
But higher prop- ney's office. _Above: 1eWit records data for a
erty assessments tune Is undergoing nreal estate revaluation
may not necessar- fear will raise their taxes~ (STAFf' PHOTOS: !.'lOB BIELK)
ily translate into
Where these increases and
higher mxes, and some resi
cannot
dents may see a decrease .in decreases will
their property 1>lX bills, be be detennined until the reas- asked
il
sessments are complete, he about
said
jl
said
tioning
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Realty Appraisal Company
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TOWNSHIP
OF
ABERDEEN
March, 2008
Dear Property Owner:
The Township of Aberdeen has been ordered by the Monmouth County Board of
Taxation to conduct a complete revaluation of all real property within the Township. The
purpose of the revaluation is to establish the current fair market value of each property to
be used as a base for the Township's tax assessments starting with th.e year 2009. The
ann is to ensure a fair and equitable distribution of the tax burden among all property
owners.
The Township has engaged the firm of Realty Appraisal Company to perform the
revaluation. Realty Appraisal Company is a firm that is highly skilled in mass appraisal
techniques, with over fifty years experience.
In order to properly assess your property; a complete inSPection of the interior and
exterior of each building is necessary. Please notifY tenants of pending inSPections.
Photographs of every structure in the township will be taken. In the case of income
producing property, it will be necessary for the firm to gather data regarding income and
expenses as well as other pertinent information.
For you protection, each representative of Realty Appraisal Company will be provided
with a letter of identification as well as a photo ID. Please be sure to ask for both forms
of identification. DO NOT permit anyone who is unable to provide such identification to
enter your property.
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At the conclusion of the revaluation, every property owner will receive a notice of value
set by the firm for their property. Realty Appraisal Company will then conduct informal
reviews of the values with any taxpayer.
A pamphlet with frequently asked questions is enclosed for your information. You may
also visit Aberdeen's website at www.aberdeennj.org or Realty's website at
At any time during the revaluation,
www.realtvappraisal.net for more information.
please fee free to contact: my office at (732) 583-4200 ext.l22 with any questions or
concerns you may have. Thank you in advance for your cooperation.
I,,
Sincerely,
~era~
Assessor
18
Re:
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In accordance with N.J.S.A. 54:4-34, as amended, please furnish detailed income and expense
information for the year ending 12/31/06, m: the most recent fiscal year available, as requested on
the enclosed form, The use of the form is not mandatory, provjded that the information xequested
on the form is supplied.
If your property is 100% owner-occupied, please state that on the first page of the enclosed form.
You need not fill out the remainder of the form. If you have recently acquired the property, and
therefore do not possess income and expense data for the most recent twelve-month period, please
provide inforn:.ation covering the time period the property has been in your possession,
New Jersey law provides that this requested information be furnished within forty-five (45) days of
your receipt of this request. In the event that you do not comply with this request, the law
provides that you will lose the right to pursue a tax appeal on the captioned property.
Please return the completed form to: Realty Appraisal Company, 4912 Bergenline Avenue, West
New York, New Jersey, 07093.
Printed on the reverse of this letter is a copy ofN.J.S.A. 54:4-34, which vou should read,
a6();e:.A
similar s~n'Jpleletter.s~nt .
to. owner$ of . income producing
prOperties .. of 'the Botough of
lYle .. ArliT)gton , informing.. them . of
their obligation to provide .details
regarding earned income from the
property.
Enclosure
Mailing Address:
PO Box 450
Physical Address:
204 Flanders-Drakestown Road
19
Public Relations
'~"-':1"'''"
Propertglnspertions
As part af a property revaluation
http://r~altyappraisal.net/pdfslflverOl.pdf
. ReaJtyAppr0isdl Compi::mY:
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Public Relations
Propttty m.,tctiw wiH be coa~acttd by tnl!Md lttc~ frorrl Rmty Appralnt Co!II!Niny.
whldl bu bHa cantnDtetl t~ ~.. fH' co-olly't tMiutloft. Rnlty Appr~lsal Coii!P."'/
It ptohuloul P'fOI'OrlV ~l'fllnl IOiftprlllf wtth om SO yun: of: uptrlt#Ot In pan-Ing
pttlpttl'f -la#tl110~
ln1(1tdoN will M Wltri~!J plleto I.D, BHg... D011't lltnv- into your hoiiM
anlm fMy re
IIHta. lro~ptdtln: will 011ly ll'lfl'lt hou~t 1r 111 1dalt
It lmno. lneiMCfGtl wtU 110t ellttf iloum whm only chllhen rt holne.
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http:/ /realtyappraisal.net/pdfs/flyer01.pdf
RealtyApprdisa!Company'
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Door Hangers
hanger
of our visit, encouraging
.re!ichedule an appointment.
~esidents
ReaJty:A,opraisaJ Cdrnpahly'
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"Home
-
--
m About RAC
"Services
-- "- Clients
"Contact
RAC
- -
Current Revaluations
--
Rev.alu.ation Compl.et::
Aberdeen
Colts Neck
Deal
Revalu.ation Complete
East Windsor
Status Report
Freehold Township
Rev.aluation Complete
Hazlet
Revaluation Comple:te
Jackson Townshjp
Revaluation Comple:te
Keyport
Marlboro
Middletown Township
Contact Us
R~valuation
Revaluation Compbete
Vernon
Rev.alu.ation Complete
R~.gardino
This
Rev:alu:~tion
Status Report
Status Rep.ort
07093
201-867-3870
http://realtyappraisal.net/current.htm
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(201) 867-3870
Field Inspectors
Town:Colts Neck
Updated:03/2309
Vehicle/Color
License Plate
Jim Farley
123456
Mark Rubenstein
113456
123456
19
123456
10
Greg Lewit
123456
17
George Tomkowich
123456
Joseph Curatolo
123456
31
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Assessor Police and
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proper identification.
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other
insure
24
.~.
BOARD OF COMMISSIONERS
Bum:ud C. twncly, CTA
MUNICIPAL ASSESSOR
(609) 494-2843
FAX (609) 4lil4-233S
JUDITH E. GI!!RKEN~
EMAIL as&!ISOOr@harveycedars.OI'Q
Vt'llvW,harv~~~ ,rg
M ICHAEI. A, GAROFALO
DE?T, OF REvf:NUE AND FINANCE
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Dear Resident:
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The Realty Appraisal Gom2ru'::' of\le: tNe,., Y o~'c, iew Jersey, ha8 <.een engaged to make
an appraisal and r<l~.:.i,ation f<i..tht: ~ql..>liz:iti>ri:ounosci. of<'ll taxable real estate in the Borough
of Harvey Cedan, l'Tew Tersey.
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.Jt 1:. respe<tfu'.lyceqt.:"Sted 'hatthehea;er wliose signature and photo appears below, he
,.J,e; mitte.:: 1o make he , ,~~,;~ary' ,,xaJLin~,'on :ili:ct inspection of your property, and that any requested
'. :;:nfo.~.~~c-~~ furl. ishe~: .:0 'a.~_coi-L::H~~ 1This purpose.
.
~~~
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. ~bolle:, . T9
.renev:e . am<iety
residents .. may feel . regarding
representati'ves asking to enter
their home, each data collector
is given a letter along with photo
ID. The official letter is signed by
the municipal tax assessor.
~-
25
R E A L T Y
A P P R A I S A L
C 0 MP A N Y
4912 BERGENLINE AVENUE
WEST NEW YORK, NEW JERSEY 07093
PROPERTY LOCATION
34 OAK LANE
07028
LOT: 7
QUAL:
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'A
sample letterad\/ising.
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valuation.
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R E A L T y A PPRAIS A L C 0 M P A N Y
4912 BERGENLINE AVENUE
WEST NEW YORK, NEW JERSEY 07093
PROPERTY LOCATION
34 OAK LANE
00000
LOT: 7
QUAL:
$179,500
$418,500
Rate $4.13
Rate $1.77
Taxes $7,413
Taxes $7,407
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Public Relations
l'l"'lt""""
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http://realcyappraisal.net/pdfs/Oyei02.pd!
- RealtyApprbisdi'CornpariY
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qBoard.OfTaxadoa.has
ldn1rour~to cleteludoeiheir,_~'Wiue".
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http://realtyappraisal.net/pdfs/flyer02.pdf
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Block: 144.09
Lot: 18
Location: 123 SECOND STREET
Map Page: 22.1
Sales Information:
Owner Name: SUSAN SAMPLE
Sale Date: 01 /02/03
Sale Price: 565000
NU Code:
II
!i
Building/Land Information:
Style: COLONIAL
Total Rooms: 10
Size: 2189 Bedrooms: 7
Year Built: 1991 Lot width: 79
Lot depth: 96
Acreage: 0.17
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Any County
Any Town
Dec. 31,
COUNTY
DISTRICT
DATE
1. Total or aggregate real property assessments for the new year after the revaluation as
1,442,702,600
(A)
(Table of Aggregates)
2. True value of real property for preceding year from column 3, Table of Equalized
1,411,179,691
(Director's Table)
ADDmONS
3. True value of assessed ratables on Added* and Omitted Assessment Lists of
_$~~~~~~~5~,8~1_2,~9~00~.0~0~1--~~~~~16~.6~4~%
Total Added*
Total Omitted
+ $________~3~4~,9~3~3~~93:_
100.00 % + $________________
7.-e~d~"-ran~o_w_e~d~~--~As~,-.,-,-.d~m~tab~l~e-so-f~N~~--C~o-ns_tru
__cn_~o~------ ~--~C~OWm
by Assessor.
taxable.
5. Enter total of true values (2) plus (3) plw (4)
= $====~~1,~44~6~,1~1~2,~98~4~
(Lines2+3+4}
DEDUCTIONS
6. True value ofloss of assessed ratables (see paragraph c. page 7) computed as follows:
16.64 % - $
77b~lc-s'fr-om~fir~e-.----- ---~Ra-n7o-fr~o-m~T~ab~k-O~ct~.l~.~~
~T~o7tW~lo-~-m~.-M-~--,s-cd7r~ma
-----------------------
7. Net true value at beginning of the new year. Amount on line (5) minus (6).
=$
1,446,112,984
(B)
( Line 5 minus 6 )
1,442,702,600 I
(A)
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1,446,112,984
------~~~)~~---
~--~9~9~.7~6~--~1%
2008 Page 8 Ratio
IIl!
above:The.Pages
Formula.
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* Reassessments
34
II
PROPERTY CLASS
No. of
ITEMS
2006
2006
ASSESSED
VALUES
%OF
TOTAL
No. OF
ITEMS
2006
2007 est.
ASSESSED
VALUES
5,863
15,903
270
384
101,993,950
2,438,894.540
43,202,800
2,265,300
297,604,900
55.716,850
0
353,321,750
2,939,678,340
0.0347
0.8296
0.0147
0.0000
0.1012
0.0190
0.0000
0.1202
1.0000
5,311
16,113
284
403
442
66
0
508
22,619
262,276,800
5,650,320,000
108,940,500
2,510,100
712,078,200
116,350,100
0
828,428,300
6,852,475,700
1. VACANT LAND
2. RESIDENTIAL
3A. FARM (Reg.)
38. FARM (Qual.)
4A COMMERCIAL
48. INDUSTRIAL
4C.APARTMENT
TOTAL COMMERCIAL
GRAND TOTAL
434
64
0
498
22,918
%OF INCREASE
TOTAL
SHIFT
2.571
2.317
0.000
0.000
2.393
2.088
0.000
2.345
2.331
0.004
-0.005
0.000
0.000
0.003
-0.002
0.000
0.001
0.0383
0.8246
0.0159
0.0000
0.1039
0.0170
0.0000
0.1209
1.0000
$4.250
$4.250
2.331
$1.82
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35
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Maps are
transferred to tax map
for appraisal process.
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SamplE:! of an appraisal
report provided at the
county tax appeal stage.
32 MIDDLETOWN TWP
1 WINDY HILL LANE
BlockfloVOual:
672/24
Owners(s):
MAISTRE MARTIN & MAURA TERESA
Assessed Value:
L:362800
B: 679600
T:1042400
Per Sq. Ft. of Livable Area: 244.47
Client:
32 MIDDLETOWN TWP
Interest Appraised:
Fee Simple
Location:
SUBJECT PHOTOGRAPH
Purpose/Use:
Type of Value::
Date of Value:
Date of Report:
Appraisal Scope:
10/01/08
March 23 2009
Comparable sales selected on basis of sale date, location, dwelling style, quality and condiUon.
Data on subject property and comparable sales derived from Tax Assessors records.
Assumptions/Limiting
Conditions:
Highest and Best Use:
As Vacant Land:
As Improved:
Valuation Method:
Use Restriction:
On file
Slnglefamlly residential
Current Use
Sales Comparison Approach
This report Is exclusively Intended for use In a County Tax Board appeal.
Certification of Value:
1042400
Jurisdictional Exception:
Blockllot!Qual
VALUATION SUMMARY:
Location
Lot Size
Style
Page
Subject
672/24
1 WINDY HILL LANE
11-~--1-----------1
Comparable 1 680142
70LDWICKCT
169 X 230
COLONIAL
91
06/27/08
930500
1.560 Ac.
COLONIAL
Num Year
Unit Built
Livable
Area
Condition
1988 4264
NORMAL
310.74
1982
3637
NORMAL
256.84
Comparable 2 773/2
32 SEAVIEW TEAR
74
05/15/08
1650000
84
156
COLONIAL
1994
5092
NORMAL
324.04
Comparable 3 681/6
25 HILLANDALE DR
199
07123108
1335000
2.570 Ac.
COLONIAL
1973
3805
NORMAL
350.85
Comparable 4
Comparable 5
;:.::;:;
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:::::
'~;.::;: Un~:::ms
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1994
Moomo<rth
6,582
67
1,02%
31
37
0,56%
60
1.33%
_1994
19
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_1995
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199
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IMoomo<rth
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_199
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2.03%
11
31
21
0.33%
1.19%
24
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v
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1.21%
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131
3.\lO%
IBorooo
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2003
_2003
1Boro""h
IMo=o<rth
2,760
"
2.79%
13
<OS
10
2.47%
1.49<
...22
1.47%
~
0.00%
0,1
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74
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Monmo~h
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_2006
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OWNERS NAME :
STREET ADDR:
CITY/STATE/ZIP:
PROPERTY LOC:
WALL RATIO: 14
CODE
HT
103
24
2.3
3.4
3.9
4. 2. 6
5.2
6.2
7.2
RA05
EVOl.C
EV08
FA01
RA09
EP
ST Q
2
SMITH, JOSEPH
123 01\K LANE
ANY
NJ
123 01\K LANE
AVG# ROOMS: 0
RATE
CONS!
QF
2.84
6.79
@ 5.80
@ 3.31
@675.00
@ 2.25
@ 0. 97
@ 1. 79
@ 26750
@ 1900
@ 1. 60
@ 5. 67
@ 8. 94
0
+
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+
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+
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+
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+
0
+
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+
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+
0
+
+ 355
x1. oo~
xl. oo~
DESCRIPTION
AREA
------- ------------------------------STRCT SHELL:MASONRY FRAME
4800 @ 10.38
3
3 ADJ ESE CST:CEMENT BLOCK
3 INT FINISH :SMALL OFFICES
3 INT FINISH :RETAIL OR RESTA
3 HEAT & COOL:CENTRAL CMH
:COMM. FIXT
3 PLUMHING
3 ELECTRICAL :COMM. LIGHT -AD
3 SPRINKLERS :COMMERCIAL
3 ROOF ADJUST:GALVANIZED STEE
3 ELEVATORS :PASS - ELEC. 1.
:ADD PER STOP-PA
3 ELEVATORS
3 FLOOR ADJUS:CONCRETE SLAB
3 ROOF ADJUST:CANOPIES, ETC.
3 ENC. PORCH :
07000
6912
4800
4800
9600
12
9600
9600
4800
1
2
4800
228
120
COND:NORMAL
NET:
NET:
@
@
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xl.
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49824
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32592
27840
31776
8100
21600
9312
8592
26750
3800
7680
1293
1428
250,217
703,109
2.81
0.98
1. 00
689,047
90%x2.81~
VALUE
6449
6,449
695,500
(SHELL AREA:
9600)
73.24
I
!
,,
II'
46
Summary Report
7/29/2008
Estimate Number
Estimate ID
Page: 1
1684
Marlboro 268.01-43
176 Route 9 North
Marlboro
N.J.
07746
Property Address
Property City
State/Province
ZIP/Postal Code
Section 1
36,00
HVAC (Heating):
Package Unit
Sprinklers:
Sprinklers
Elevators:
Passenger#
Exterior W:ills:
CUrtain-Metal with Glass Panels
Stud -Brick Veneer
2.5
Other
Units/%
Components
Cost as of
Height Rank
Class
Occupancy
100% Office Building
Tot3l Area
Number of Stories (Section)
Perimeter
100%
100%
'
l11
6%
94%
07/2008
Basic Structure
Base Cost
Exterior Walls
Heating & Cooling
Elevators
Sptinklers
Basic Structure Cost
Extras
Paving
Patio
Replacement Cost New
Units/%
Cost
Total
26.132
26.132
26.132
1
26.132
26.132
185.80
36.77
16.69
82.629.00
3.84
246.26
4,855.326
960,744
436.143
82.629
100.347
6,435,189
28,000
648
26,132
2.90
8.00
249.56
81.,200
5.184
6.521.573
47
PROPERY CLASS:
LOT: 9
8300
NO. APTS:
4A
NO. ROOMS:
BASE RENT:
85,352
ADDITIONAL INCOME:
287,775
14' 388
273,387
4, 968
3, 400
13,669
5, 4 68
7,358
13, 669
1,000
5.00 %
2.00 %
5.00 %
17,000
8,202
3.00 %
-74,734
MARKET VALUE:
9.05%)
2,195,100
.~
CAP RATE:
TAX RATE:
7.00%
2.05 %
EGIM:
8. 03
(Eff. Gross Income Mult):
VALUE/ROOM:
VALUE/APT :
48
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l Chapter 91
STATEMENTS BY OWNERS OF
INCOME PRODUCING PROPERTIES
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Chapter 91, Laws of 1979, approved by Governor Byrne on May 16, 1979,
amends N.J.S.A 54:4-34 by adding more stringent requirements concerning the
statement which owners of income producing properties must furnish the tax assessor,
especially where appeals are filed by such owners.
N.J.S.A 54:4-34, with amendments and additions appearing in italics, now
reads as follows:
54:4-34 Every owner of real property of the taxing district shall, on written
request of the assessor, made by certified mail, render a full and true account of his
name and real property and the income therefrom, in the case of income-producing
property, and produce his title papers, and he may be examined on oath by the
assessor, and if he shall fail or refuse to respond to the written request of the assessor
within 45 days of such request, or to testify on oath when required, or shall render
a false or fraudulent account, the assessor shall value his property at such amount
as he may, from any information in his possession or available to him, reasonably
determine to be the full and fair value thereof. No appeal shall be heard from the
assessor's valuation and assessment with respect to income-producing property where the
owner has failed or refused to respond to such written request for information with 45
days of such request or to testify on oath when required, or shall have rendered a false or
fraudulent account. The county board of taxation may impose such terms and conditions
for furnishing the requested information where it appears that the owner, for good cause
shown, could not furnish the information within the required period of time. In making
such written request for information pursuant to this section the assessor shall enclose
therewith a copy of this section.
_The act 1
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http://realtyappraisal.net/pdfs/statute.pdf
Available through website
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52
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MicroSvstems-NJ.com L.L.C.
985
262/266
Noute
Bridgewater, NJ 08807
(908) 704-8862
! Easy to Use
REPORTING AND OTHER PRINTOUTS:
Compares Old/New Assessments
Market Analysis
Added Assessments
Tax Roll List & Street Index
Recap Old/New Taxes
Mailing & File Folder Labels
Notification Forms
Property Class Totals (SR3A)
Sales Ratio & Coefficient
Change Forms
Enlarged Sketch PRC
Style/Neighborhood Analysis
No Cost Data Property Record Card
OTHER FEATURES:
Commercial Income Approach
Commercial Cost Approach (NJ Manual)
Comparable Sales Analysis
Mod IV & Tax Collector Interface
Added Assessments
What If? Calculations
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