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Federal Agency Releases New Appraisal Guidelines for Financial Institutions
Financial institutions have new guidelines to follow when conducting real estate appraisals and evaluations. The Interagency Appraisal and Evaluation Guidelines, which replace the 1994 guidelines, explain the minimum regulatory standards for appraisals. Highlights from the Guidelines and its appendices include: * recognizing that a borrower’s ability to repay real estate loans according to reasonable terms... Read More
Farmland Assessment Practices Growing Concern for Two Senators
An article in the Asbury Park Press highlights the efforts of Senate President Stephen M. Sweeney, D-Gloucester, and Sen. Jennifer Beck, R-Monmouth, to end alleged abuses of the farmland assessment system in New Jersey. New Jersey law currently requires a minimum of five acres and $500 in sales to qualify for the reduced tax assessment. Possible... Read More
Mercer County Board of Taxation Orders Four Municipalities to Undertake Revaluations
The Mercer County Board of Taxation is requiring Trenton, Hamilton, Ewing and Lawrence Township to undergo revaluations for the first time in over 15 years to align assessment values. Property tax assessments are tied to market values, which means that a property’s assessment should equal what it would sell for in the marketplace. A lack of... Read More
Towns Nationwide Swamped with Property Tax Appeals
Bloomberg Businessweek recently discussed the impact that tax appeals are having on municipal budgets around the country. Towns are facing increased costs with decreasing revenues as property values plummet. According to the article, residential home values are 30% below their 2006 peaks and commercial properties are 43% below their 2007 peak. For more from the... Read More
Property Owner Keeps Tax Abatement After Municipality Failed to “Turn Square Corners”
The New Jersey Tax Court recently rejected the City of Millville’s argument that a five-year tax exemption and abatement awarded by the City’s tax assessor and ratified by its governing body should be rescinded because the property owner filed for the abatement four days late. The property houses a Lowe’s Home Center, and is located in... Read More
Can a foreign corporation use eminent domain on U.S. Land?
The 4,000- mile long TransCanada Keystone Pipeline begins in Northern Canada, and moves southward into the United States, through North Dakota, South Dakota, Nebraska, Kansas, Missouri and Illinois. The network is about five times the length of the trans-Alaska oil pipeline. When complete, the project will deliver up to 1.5M barrels a day of crude oil... Read More
NJDOT Complaints Dismissed for Failure to Engage in Bona Fide Negotiations with Property Owners
The Bergen County Assignment Judge recently dismissed condemnation complaints filed by the New Jersey Department of Transportation (“DOT”) after its appraiser failed to consider the impact that the loss of access would have on business’s operating on the Route 46 Circle in Little Ferry, as well as potential flooding issues caused by the installation of... Read More
Appeals Court Denies Request for Expert’s Records
A recent New Jersey appeals court has ruled that a litigation expert’s financial records are not subject to disclosure. This holding could impact eminent domain and real estate tax appeal litigation because both practices rely on expert opinions to establish a property’s value. In the case in question, a plaintiff’s attorney in a personal injury case requested information from... Read More
Court Denies Discovery Request for Expert’s Financial Records
A recent New Jersey appeals court has ruled that a litigation expert’s financial records are not subject to disclosure. This holding could impact eminent domain and real estate tax appeal litigation because both practices rely on expert opinions to establish a property’s value. In the case in question, a plaintiff’s attorney in a personal injury case requested information from... Read More
