Sie sind auf Seite 1von 125

REA,LTY

A~PPRAISAL

4912 Bergenline Avenue

co~

West New York, NJ 07093


Main Office

JOSEPH RUBENSTEIN (1934-19721


ROBERT I. RUBENSTEIN, MAl (Rot.)
STANLEY RUBENSTEIN
STEVEN RUBENSTEIN, MAl
NEIL RUBENSTEIN, SCRREA

4912 Bergenline Avenue


West New York, NJ 07093
Tel: (201) 867~3870
Fax: (201) 867-0203
Monmouth County Office

55 White Rd., Suite C


Shrewsbury, NJ 07702
Tel: (732) 571-6996

Fax: (732) 571-4941

www .realtyappraisal. net

PROPOSAL COVERING REVALUATION


OF THE
BOROUGH OF ROSELLE PARK
UNION COUNTY, NEW JERSEY

:ci

NEW .JERSEY ORGANIZATION SPECIALIZING IN PROPERTY VALUATION

SINCE 1934-

FOR
BOROUGH OF ROSELLE PARK
REVALUATION

.~

REQUEST FOR PROPOSAL

PLEASE TAKE NOTICE that sealed proposals to provide REVALUATION SERVICES


in accordance with specifications on file at the Office of the Borough Clerk, 110 East
Westfield Avenue, Roselle Park, New Jersey shall be received by Doreen Cali,
Registered Municipal Clerk, on behalf of the Mayor and Council of the Borough of
Roselle Park at the Municipal Building located at 110 East Westfield Avenue, Roselle
Park, NJ 07204 no later than December 2, 2014 at 10:00 A.M

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

ALL INFORMATION LISTED ON PROPOSAL CHECK LIST MUST BE


SUBMITTED IN A PACKAGE. ALL FORMS MUST BE TYPEWRITTEN OR
WRITTEN IN INK.

ALL SUBMISSIONS MUST BE ONE ORIGINAL PLUS FIVE COPIES

DOCUMENTS CHECKLIST
Check the box of each document that is enclosed

Initial each item

(Vendor's initials)
~.

I. Proposals Form to the Borough of Roselle Park

2. Appendix A-1- Schedule of Line Item Fees

18:

3. Appendix B~ I~ List of Supervisors

IX

(0

4.

18:

{;J)

5. Appendix G- Schedule ofTax Court Appeal Fees

IX

(ill

6. Certificate or Consent of Surety Form

IX

7.

II<:

Appendix C- Background Investigation Release

Stockholder Statement of Ownership

8. Listing of Subcontractors

Ill!

9. Non-Collusion Affidavit
10. Affirmative Action Questionnaire

Q
@

II<:

llt

(D)

I I. Statement of Qualifications

Ill:

12. List of all key employees as of date of proposal

Ill:

<0
@

indicating name and educational background

Ill:

13. List of current revaluation projects under contract indicating


contract completion date

Ill:

i0

14. List of revaluation project proposals submitted to municipalities


within the past six months

lXI

15. Copies of Financial Statements covering two years

tll:

II<:

18. A statement of whether any litigation involving the firm's performance under

18:

G)

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.

ll!l

@;

16. If applicable, Vendor's acknowledgment of receipt of any notice(s)


~

or revision(s) or addenda to an advertisement, specifications or

proposal document(s)
17. State ofNJ Business Registration Certificate

REALTY APPRAISAL COMPANY

NEIL RUBENSTEIN

Name of Corporation, Partnership, Entity


or Individual

Print Name and Title of Authorized


Representative of Entity Signing This
Document

Signature of Authorized Representative

Date

November 26. 2014


4
ANY CORRECTIONS, ADDITIONS OR DELETIONS SHALL BE INITIALED AND DATED

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

INSERT COMPANY NAME


DOES PROPOSE TO UNDERTAKE SAID REVALUATION PROJECT IN
ACCORDANCE WITH THE SPECIFICATIONS AND PROVISIONS AT A
COST OF:
($ 239,000.00
DOLLARS

TWO HUNDRED THIRTY NINE THOUSAND DOLLARS


(AMOUNT IN WORDS)

THIS PROPOSAL IS SUBMITTED TO THE BOROUGH OF ROSELLE PARK ON:


DATE:. __~N~ov~e~m~b~e~r~2~6L
1 ~2~0~1~4~------BY : _ ____Lh::::::::::::::,;:~::::::::::-:__~_.~ ._~_ _ __
SIGNED BY:_ ___,N"-"E"-"I'-"L'---"'R""UB,E""N""S'-"T'-"E'-"'I""N_________
TITLE: ---'=-P-"'a=-r.=tno:;e:::cr'---------------------COMPLETION DATE: _ __.,N~o~v_o::e~mb;e:e"-'r~2~6'-',~2~0~14:=.________

OFFICIAL USE ONLY


COMPLY: ____

NON-COLLUSION AFFIDAVIT

STATE OF NEW JERSEY:


: ss.
COUNTY OF

I, _ ___::N.:.:E::.:I::.:L::.._:R::.U::.:B::.:E=N:.:.:S::.:T::.:E=.:I::.:N::.__ _ _ _ _ _ _ _ _ _ _ of the City of


_ _ __::::.B-=e-=r::.k:.:e:.:l::.:e::,y<.......:H::.e=ig=h.::t.::s_ _ _ _ _ in the County of
_ _ _ _u_n_i_o_n_ _ _ _ _ _ _ _ _ _ _ and the State of New Jersey,
of full age, being sworn according to law on my oath depose and say that I am
partner

(Title) of the firm of REALTY APPRAISAL COMPANY

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

Subscribed and sworn to before me


this _ __,2co6:.ot:oh=---- day of

November

2014

(By)

STATEMENT OF INDIVIDUAL(S) OWNING 10% OR MORE OF STOCK OR


INTEREST IN THE VENDOR'S BUSINESS ENTITY
In accordance with N.J.S.A. 52:25-24.2, no corporation, partnership, limited partnership, limited
liability corporation, limited liability partnership, Subchapter S Corporation or sole proprietorship,
shall be awarded a contract unless prior to the receipt of the proposal or accompanying the
proposal of the corporation, partners hip, limited partnership, limited liability corporation, limited

liability partnership, Subchapter S Corporation or sole proprietorship, there is submitted to the


Borough, a statement setting forth the names and addresses of all stockholders who own 10% or
more of stock, of any class or of all individual partners who own a 10% or greater interest in the
corporation, partnership, limited partnership, limited liability corporation, limited liability

partnership, Subchapter S Corporation or sole proprietorship. If one or more such stockholder or


partner is itself a corporation or partnership, the stockholders holding 10% or more of that
corporation's stock, or the individual partners owning 10% or greater interest in that partnership,
as the case may be, shall also be listed. The disclosure shall be continued until names and

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

Complete if the vendor is one the 3 types of Corporations:


Date Incorporated:
Where Incorporated:.__________

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.

STANLEY RUBENSTEIN: 41 Sydney Avenue, Deal, NJ


07723
NAME
ADDRESS
NEIL RUBENSTEIN: 47 Runnymeade Road, Berkeley Heights, NJ
07922
NAME
ADDRESS
STEVEN RUBENSTEIN: 324 West 88th Street, Apt.B, New York,NY 10024
NAME
ADDRESS
NAME

ADDRESS

BOROUGH OF ROSELLE PARK


NOTICE TO VENDORS
AFFIRMATIVE ACTION REQUIREMENTS
N.J.S.A.lO:S-31 and N.J.A.C.17:27
PROCUREMENT AND SERVICE CONTRACTS

"Vendors are required to comply with the requirements ofP.L. !975, c.


127" (t'J:.J.A.C. 17:27)
A. ALL VENDORS
I. Within seven (7) days after receipt of notification of intent to award the contract
or receipt of the contract, whichever is sooner, the successful vendor must submit
one of the following forms of evidence:

a) A Federal Letter of Affmnative Action Plan Approval from the U.S.


Department of Labor's Office of Federal Contract Compliance Programs
(OFCCP). This letter cannot be more than one year old from the date of
issuance.
OR
b) A State of New Jersey Certificate of Employee Information Report.
OR
c) A completed Affirmative Action Employee Information Report (Form
AA302).
Please note that the Affirmative Action Affidavit for vendors having less than fifty (50)
employees is no longer acceptable.

2. The successful vendor(s) may obtain the Affirmative Action Employee


Information Report (AA302) from the Purchasing Division during normal
business hours.
3. The successful vendor(s) must submit the white and canary copies of the
(AA302) Report to the State Affirmative Action Office. The pink copy is
submitted to the public agency, and the gold copy is retained by the vendor.

B. The following questions must be answered by all prospective vendors:


I.

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,

2. Do you have a State of New Jersey Certificate of Employee Information Report?


x
No.________
Yes
a) If yes, please submit a photo copy of such approval.
If no,

3. Venders must complete an Affirmative Action Employee Information Report


(AA302) obtained from the Purchasing Division during normal business hours.
AFFIRMATIVE ACTION REQUIREMENTS P.L. 1975, c 127 (N.J.A.C. 17:27)

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) .
..

CONWANY _______REAL~==T~Y~AP~P~RA==I=S=AL==_C~O=MP~ANY===-----SIGNATURE _ _----J~~-----===~==::::._

______

PRINT NAME ------"-'N=E=-IL=---cR:.:.U::.:B=-:E=N:.;:S:..:T:=E:=I::::N_ _ _ _ _ _ __


TITLE __________~P~a=r~t~n~e~r~----------------------DATE __________~N_o~v_e~m~b_e~r~2~6~,__
2~0_1_4_______________

Certification

CERTIFICATE OF EMPLOYEE INFORMATION REPORT 5463

--

Andrew P.

Sidamon~Eristoff

State Treasurer

BOROUGH OF ROSELLE PARK


QUALIFICATIONS

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.

SEE COMPANY BROCHURE

10

BOROUGH OF ROSELLE PARK


EXCEPTIONS
In the space below list any/all exceptions to these specifications that you will not be
providing.
The BOROUGH OF ROSELLE PARK reserves the right to accept or reject proposals
And to award the contract based on the best interest of the Borough. If there are
NO EXPECTIONS, state NONE.
NONE

1.

2.
~

SUBMITTED BY:

f=:::-: co;;:
(Signature)

NEIL RUBENSTEIN,
~

(Print Name)

DATED:

Partner
(Title)

November 2 6, 2014

II

BOROUGH OF ROSELLE PARK


NO RESPONSE PROPOSAL SURVEY
PROPOSAL TITLE: REVALUATION

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)

-~

-.
-.

Cannot supply product or service


Cannot meet technical specifications

Cannot meet delivery specifications

Cannot meet legal requirements


(i.e. performance/security/insurance, etc.)

'

Cannot provide a competitive price at this time


Interest in receiving specifications for informational
purposes only
Insufficient lead time to respond
Other: (Please be specific)
Additional
comments: __________________________________________________

Signed: (optional)------------------------------------

12

l
INFORMATION

IB.l

RECEIPT OF PROPOSALS

!
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.

1B.l.2 TIME AND PLACE FOR RECEIPT OF PROPOSALS

.,l

Proposals will be received by the BOROUGH at the time and place mentioned in the
notice. No proposals shall be accepted after time specified.

IB.l.3 INFORMAL PROPOSALS


The BOROUGH may consider informal any Proposal not prepared and submitted in
accordance with the provisions hereof and may waive any informalities or reject any
and! or all Proposals.

""
!

IB.l.4 WITHDRAWING PROPOSALS

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

I
I

IB.2

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.

1B.2.1 EXPERIENCE AND CAPITAL REQUIRED


Any firm or enti1y submitting a Proposal must be experienced in the kind of work
required to be performed, have the equipment required and/or have the means to secure it,
and have sufficient capital to properly execute the work within the time allowed.

13

,
I

IB.2.2. UNSATISFACTORY PAST PERFORMANCE

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.

I
I

I
IB.3

PREVAILING WAGE

I
I

IB.3 .1 REQUIREMENTS OF LAW

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.

1
I
1

1
1
I'

1
1
1
~

1B.4

PREPARATION OF PROPOSALS

IB.4.3 COMPLETION AND SUBMISSION OF PROPOSALS


Each Proposal must be submitted in accordance with the requirements set forth in the
principal thereof and shall contain the name, address, and telephone number of the entity
or firm submitting the Proposal. All prices and amounts must be written in ink or
preferably typewritten. All erasures or corrections must be initialed by each signatory to
the Proposal. Each Proposal shall be addressed to Doreen Cali, Municipal Clerk, Borough
ofRoselle Park, 110 E. Westfield Avenue, Roselle Park,NJ 07.204
and said envelope shall specify the item for which the Proposal is submitted and must
be delivered at the place and time required or mailed so as to receive on or before the
date specified for receipt of Proposals.
The BOROUGH OF R 0 S ELL E P ARK will not be responsible for Proposals
forwarded through the U.S. Mail if lost in transit at any time before Proposal opening.
The Proposal must be accompanied by (1) a Non-Collusion Affidavit, and (2) Disclosure
of Ownership statement.
1B.4.4 ERRORS IN PROPOSALS
In the event there is a discrepancy between the unit prices and the extended totals, the

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.

14

I
~

'
.~

~-

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.
i

IB.5.3 TIME FOR A WARD OF CONTRACT

I
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.
IB.7

PERFOMANCE SECURITY

IB.7.1 SECURITY REQUIRED


Simultaneously with his delivery of the executed contract the Contractor shall furnish a
surety bond or bonds of face value equal to one hundred percent (I 00%) of the amount of
the Proposal as security for faithful performance of this contract and for the payment of
all persons performing labor on the project under this contract and furnishing materials in
connection with this contract, as specified in the Contract Documents annexed hereto.
The surety on such bond or bonds shall be duly authorized by a surety company
satisfactory to the owner and subject to owner's attorney's approval.
The performance surety must be acceptable to the Borough in both form and financial
rating.
IB.8

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.

IB.9

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.

IB.9.2 RIGHT TO WAIVE INFORMALITIES RESERVED


The Municipality expressly reserves the right to waive any informality in any Proposal,
and to accept the Proposal which, in the Municipality's judgment, serves its best interests.
The right is also reserved for the Municipality to award the contract in whole or in part
as, in the Municipality's judgment, it deems appropriate as serving the public interest.

15
~

'

lB.ll

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.

!
l
I

1B.l3 INDEMNIFICATION AGAINST CLAIMS


The successful vendor shall indemnify and save the Borough harmless from and against
all suites, claims, actions, or judgment for any injury or damage sustained or alleged to
have been sustained by any party or parties by reason of the use of defective materials,
furnished and delivered under the contract to be awarded here under or by or on account
of any act of omission or commission of any contractor, his, its, or their agents or
employees and in case any such action be brought against the BOROUGH OF
ROSELLE PARK the contractor shall immediately take charge and defend same at his, its,
Or their own cost and expense. They may, if it is so desired, defend such action and charge
the expense of it to the contractor.

1B.l4 PATENT CLAIMS


The successful vendor (contractor) shall protect and save the BOROUGH OF
ROSELLE PARK harmless from all and every demand for damages, royalties or fees on
any patented invention used by it in connection with the supplies furnished under and contract
here under and shall be the duty of the vendor (name of contractor), if so demanded by
the BOROUGH OF ROSELLE PARK to furnish said with a proper legal release or indemnify
from and against all such claims and any or all payments due under such contract may be
withheld from the contractor until such release or releases are furnished, if the
BOROUGH OF R 0 S E L L E P A R K so elects. The Contractor shall hold
harmless the Municipality from any claim for the use of any computer software used without
authority, if such a situation occurs.
1B.l5 OTHER
All prices shall be net, including transportation and delivery charges. The vendor shall
guarantee any or all material and services supplied under these specifications. Defective
or inferior items shall be replaced at the expense of the vendor. If the person and or firm to
whom an award is made shall fail to furnish and deliver the supplies or any item thereof
within time specified and allowed the Borough of Roselle Park may cancel as to those
supplies which are not furnished and or delivered and may also cancel the remainder of
the order and may deduct and retain out of the moneys due, or which may become due to
such person or firm from the Borough of Roselle Park, such sum as shall be sufficient to pay
the difference between the prices on which the award is made and the prices which the Borough
of Roselle Park may or shall be obligated to pay to procure such supplies from other parties,
and in addition usual damages for breach of contract.
16

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.

l
""
I

FACSIMILE DOCUMENTS SUBMITTED IN A PROPOSAL

l
l
1
I

1
l

1
I

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.

WORKER'S COMPENSATION & EMPLOYERS LIABILITY INSURANCE

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.

17

.-,
'

2. COMPREHENSIVE GENERAL LIABILITY INSURANCE


Limits shall be a minimum of $1,000,000 bodily injury per person and $1,000,000 per
occurrence, and $100,000 property damage coverage. The Certificate of Insurance must indicate
coverage at the above limits for:
A. Contractual-indicated on the face of the Certificate as being in accordance with the
specifications.
B. Independent Contractors (if any).
C. Completed Operations.
3. COMPREHENSIVE AUTOMOBILE LIABILITY INSURANCE
Limits shall be a minimum of $1,000,000 bodily injury per person and $1,000,000 per
occurrence, and $100,000 for property damage coverage. The Certificate of Insurance must
indicate coverage at the above limits for:
A. Hired Vehicles.
B. Non-Owned Vehicles.
CERTIFICATE OF INSURANCE MUST INDICATE THAT THE BOROUGH OF ROSELLE PARK
HAS BEEN NAMED AS AN ADDITIONAL INSURED FOR THIS CONTRACT
PROPOSAL FOR THE PROPERTY REVALUATION PROGRAM ;;:::)\
OGI.ti ~6ct"- 2

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

18

(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).

I.

CONTRACTOR: ______~RE~AL~TY~AP~P~RA~I~S~AL~~C~O~MP~ANY~------------BY: ______________~N~E~I~L~R~UBEN~S~TEE~I~N_______________________


ADDRESS: ____________4~9~1~2~B~e~r~g~e~n~l~l=~n~e~A~v~e~n~u~e~----------------

West New York, New Jersey

07093

TELEPHONE NUMBER: __\(_=.2:-;_0~1)~8=6=7=-=3=8:!:,70!::0====--------SIGNATURE:

---t========:_____________

1
I

'""
I

'

19

'

REALT-1

ACORD"

CERTIFICATE OF LIABILITY INSURANCE

CONTACT

PRODUCER

~.

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).

r.
!.

OP ID LL
DATE (MMIDONYYY)

NAME:

M.L. Cutler & Com/any, Inc.


25A Hanover Roa
P.O. Box 165
Florham Park, NJ 07932-0165
Connie Wallace

I r~ Nol' 973-377-4867

~HONE'
&C.....N.9.wE><tl'973-377-7700
EMAIL
ADDRESS:

INSURER/$) AFFORDING COVERAGE

NAIC#

INSURER A: Travelers

INSURED

Indemnity Co of CT
INSURERs: Landmark American SHE

Realty Appraisal Company

4912 Bergenline Ave, Suite 4

INSURERC:

West New York, NJ 07093

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

==

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~~
1

ti\\'
A

IX

l
l

f--

I,.

!--

TYPEOFI
GENERAL LIABILITY
I CLAIMS-MADE
OCCUR

LIMIT

POLICYNUMBER
-

ovo

I'
I'
Is
Is
Is
Is

06/01/2014 06/01/2015

I MED EXP (Aoy'

f--

~ l'L AGGREGATE LIMIT APPLIES PER:


PRO.
POLICY
JECT
LOC

~I

f-f-f-f--

l
l

f-

OTHER'
I

~IMII

LIABILITY

ANY AUTO
ALL OWNED
AUTOS

UMBRELLA WAS
EXCESS LIAS

f-f--

AUTOS
NON-OVVNED
AUTOS

H~~UR

/In NH

I Y",
B

I
rof. Liab.

I
I

I'
I

I'
I sf~TUTE

I E,L, EACH

N/A

I ~~~n

I'
Is

I E.L. DISEASE."'"'",' ovoe $

I E.L. DISEASE. POUCY LIMIT I $

; bolow

11/07/2015

~~~n~ouoo

IDEO PER CLM 10000


I

'

'

I EACH OCCIIOOONCO

:I~L~r:'.

OED~
NYI
I

5,000

r - SCHEDULED

HIRED AUTOS

1,

I!:~~Cim

o nnn nno

OF OPERATIONS I LOCATIONS I VEHICLE$ (ACORD 101, Additional Romarks Schodulo, may bo attached If more spa co Is required)

Re: Revaluation of Property.

Additional Insured: Borough of Roselle Park

CERTIFICATE HOLDER

CANCELLATION
BORROSE

Borough of Roselle Park


110 E. Westfield Avenue
Roselle Park, NJ 07204

SHOUL.D ANY OF THE ABOVE DESCRIBED POUCIES BE CANCELL.ED BEFORE


THE EXPIRATION DATE THEREOF, NOTICE WIL.L BE DELIVERED IN
ACCORDANCE WITH THE POLICY PROVISIONS.
AUTHORIZED REPRESENTATIVE

~J:J-~
@ 1988-2014 ACORD CORPORATION. All roghts reserved.

ACORD 25 (2014/01)

The ACORD name and logo are registered marks of ACORD

~'

BOROUGH OF ROSELLE PARK


PROPERTY REVALUATION PROGRAM
GENERAL PROVISIONS

l
~',

I
l
1

I
I

I
~

~'

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
20

..

I'

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.

-.

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.

1
I

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.
21

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.

-.

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.

-.

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.

22

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.

.~

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

23

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

12. Insurance and Bonding


The Company shall provide Certificates of Liability and Worker's Compensation
insurance providing coverage in accordance with the Borough of R o s e II e P a r k
insurance requirements. Insurance coverage shall indemnify and save harmless the
Borough of Roselle Park from any and all liability arising from the Company's work.
The Company, at their own expense, should defend any suit which may be brought against
the Borough of Roselle Park in connection with, or rising out of the services furnished hereunder.
The Company shall provide comprehensive general liability and automobile liability
insurance coverage with the Borough of Roselle Park named as co-insured. Limits of liability
for both coverages shall be a minimum of $1,000,000 per person and $1,000,000 per
occurrence for bodily injury and $250,000 property damage.
Simultaneously with his delivery of the executed contract the Contractor shall furnish a
surety bond or bonds of face value equal to one hundred percent (100%) of the amount of
the Proposal as security for faithful performance of this contract and for the payment of
all persons performing labor on the project under this contract and furnishing materials in
connection with this contract, as specified in the Contract Documents annexed hereto.
The surety on such bond or bonds shall be duly authorized by a surety company
satisfactory to the Borough and subject to approval of the municipal attorney.
Copies of all insurance policies must be provided to the Borough of Roselle Park prior to
the commencement of any work under this contract.

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.

14. Interpretations of Specifications and Contract


This contract shall be construed pursuant to the laws of the State of New Jersey. Any
litigation with respect to the interpretation of the terms of this contract shall be within the
sole jurisdiction of the Court of the State ofNew Jersey.
15. Confidential Nature of Project
Disclosure of appraisal information to any individual, company, or corporation, other
than the Borough Tax Assessor, the Borough of R o s e I I e P a r k , or
their authorized representatives is expressly prohibited, and if done before conclusion of this
project will be considered a violation of the contract. It is understood that this does not
refer to information released under due process of law or the Open Public Records Act.

25

16. Public Relations


During the progress of this project, the Company and its employees will endeavor to
promote understanding and amicable relations with taxpayers and the general public.
The Company and the Borough of R o s e I I e P a r k wiii endeavor to orient and
educate all interested persons as to the revaluation project through newspaper articles,
press conferences, public information mailings and meetings, and other publicity deemed
necessary. Prior to commencement of Revaluation, the Company will hold at least two (2) public
meetings to help educate and answer questions by the residents of Roselle Park. These meetings
will take place in the Borough of Roselle Park Council Chambers located at 110 E. Westfield
Avenue, Roselle Park, NJ. Any informational materials shall be presented to the Borough
Tax Assessor for review prior to release. An initial mailing shall be made, at the company's
expense, to all property owners explaining the nature and purpose of the revaluation and
setting forth a proposed date for the commencement of inspections in the municipality.
The Borough Tax Assessor, shall arrange speaking appearances at meetings of
homeowners and business groups, the Company shall furnish qualified speakers in
order that the purposes, methods and procedures of this revaluation program can be
explained to as many interested persons as possible. Meetings with homeowner groups
should be scheduled prior to the commencement of field inspections within the group's
sector of the Borough of Roselle Park where possible and deemed appropriate by the Borough
Tax Assessor. The Vendor must be available to assist the Borough in a minimum of four
(4) public information meetings during the course of the project. Additional meetings
may be required at the discretion of the Borough and the Borough Tax
Assessor.
The employees of the Borough of R o s e 1I e Park and the Company shall work
together to maintain the full cooperation of all taxpayers by treating each inquiry with
courtesy and supplying all possible necessary information within statutory requirements
and limits to every interested taxpayer; however, each field appraiser/lister shall be
instructed to refrain from discussing with the property owner, tenant, or occupant the
possibility of anyincrease or decrease the valuation of the real property and/or buildings,
since any information is preliminary in nature at this point in the time of the inspection and
before finalizing the project. This restriction will be strictly adhered to and any violation will be
just cause for the Borough Tax Assessor to request that the employee be removed from
work on this project.
17. Materials and Information To Be Provided
The Borough of Roselle Park shall furnish the Company the following:
a) Access to current property record information for the purpose of generating field
sheets for verification of data by the field enumerators. This does not relieve the
company's responsibility to field inspect all properties.
b) Firm to keep record of prior use from old PRC to current based on physical
inspection of property. Firm is to provide a report of all discrepancies pertaining to
use and unit number to the assessor. This report shall deliver said reports to the
Borough on a monthly basis.

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)

Letters of introduction to facilitate the Company's access to properties for inspection


and data collection purposes; and

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.

18. Property Inspection


This contract requires the inspection and verification of 100% of the exteriors and an
interior inspection rate 100% (dependent upon relevant statistical factors of the interiors of
all properties within the Borough of Roselle Park. This will include any and all
Condominium Units located within the Borough of Roselle Park. Refused entries shall
be excluded from the count to arrive at the percentage of fully inspected properties required.
A careful inspection of each parcel shall be made after 9:00 a.m. but before 5:00 p.m. on any
day, Monday through Saturday. Existing property record data will be verified by the field
enumerator.
A "door tag" or "door hanger," approved by the Borough Tax Assessor shall be left at the
first visit.
If the owner/occupant is not available at the time of the second inspection, a second
calling card or "door tag" shall be left in a conspicuous place (not in a mail box)
indicating that the field inspector has attempted two visits and request the
owner/occupant to either return the card or telephone a given number to arrange for an
interior inspection. This card shall include information advising that the assessment data
will be estimated as required unless an interior inspection is arranged.
The date and time of a second inspection shall be substantially different from that of the
original inspection (not the same day, nor same time of day, etc.).

27

In cases where no entry is possible after three attempts or an owner/occupant refuses to


either set an appointment or allow entry to the premises, the Company shall make
reasonable estimates of that property listing using professional appraisal methods. In no
event shall a card be left requesting the owner/occupant to fill in information. The
Company shall notify the Borough Tax Assessor in writing of these refusals and
estimations by a monthly report.

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.

All commercial, industrial and multi-family properties shall be processed in a separate


file capable of being downloaded into the Tax Assessor's computer file upon completion
of data collection and valuation or as may be required.
The Company shall update the current land and residential data base. The Company shall
not have access to the commercial, industrial, special purpose, multi-purpose, multifamily and improved exempt as provided or if approved by the Tax Assessor.
The Borough of Roselle Park shall receive the programs and any documentation necessary
For maintaining and updating or expanding the computerized appraisal system which
Shall become the property of the Borough of Roselle Park. No distribution of any
materials, with the exception of the MOD IV tape as required by the state, shall be permitted.
20. Land Valuation
The Company shall collect and analyze all fair market sales that occurred during the three
(3) years prior to the revaluation implementation date in order to develop a 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 the development of general,
segmented, and stratified coefficients of deviation. Data shall be secured from all
available sources, compiled, checked, and analyzed determination efland values. Factors
affecting the value of land such as location, shape, size, topography, access to roads,
railroads, and waterways, use, etc. shall be carefully considered.

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.

26. Defense of Values


The Company shall assist the Borough Tax Assessor and the Borough of R o s e II e
Park in defending all valuations rendered that may be appealed to the Union County
Board of Taxation during the tax years 2016, 2 0 1 7 and 2 0 18. Such assistance
shall include qualified expert personnel acceptable to the Borough Tax Assessor
who are knowledgeable with and shall have inspected the properties subject to an appeal.
This provision relates to the year of completion and the 2 subsequent years (20 16, 2017
and 2018) after acceptance of the project.
With respect to properties which may have valuations appealed to the Tax Court of New
Jersey, the Company has attached a schedule of fees to be charged to prepare reports and
appear in Tax Court to defend these appeals (Appendix F). Said fee schedule shall be
predicated on the class of the property under appeal as well as the time involved and
complexity of the appraisal assignment. The fee schedule shall include an hourly fee for
appearances, as well as fees for the preparation of reports, as necessary. The Borough of
Roselle Park reserves the right to accept in whole or in part the fee schedule attached to
this contract as Appendix F, or to contract with another party for these services. Should
the Borough of Roselle Park elect to accept the Company as the Company for these
services, the Company shall assist the Borough Tax Assessor and the Borough of Roselle
Park to defend all valuation appealed during the tax year the values are first established,
2016, pursuant to the fee schedule. Such assistance shall include qualified expert
witnesses holding a commercial level designation of a State Certified General Appraisal
license in New Jersey who is acceptable to the Borough Tax Assessor and who is
knowledgeable with and shall have inspected the property subject to appeal. Should the
Borough of Roselle Park elect to contract with another party for these Appraisal
services the Borough agrees to release the Company from any further responsibility to
defend valuations before the Tax Court of New Jersey for those items so selected to be
contracted with another party.
33

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.

Borough of Roselle Park

BY:~~~--~~---
Joseph Accardi, Mayor

BY:~~~~----
Gail A. Scaglione,
Tax Assessor
~

Witnessed by:
-~

NAME OF COMPANY
REALTY APPRAISAL COMPANY

Doreen Cali, Municipal Clerk

BY:

BY:

Witnessed by:

NEIL RUBENSTEIN, Partner

DATE: November 26, 2014

DATE:-------------

35

Revaluation approved by Union County Board of Taxation on _ _ _ _ _ _ _ _____, 20_

Attested By

Date

The foregoing agreement is hereby approved this ___ day of _ _ _ _ _ _ _ _ __


Pursuant to P.L. 1971, Chapter 424.

Director, Division of Taxation, State of New Jersey


DATE: _ _ _ _ _ _ __

36

APPENDIX A
BOROUGH OF ROSELLE PARK
PROPERTY CLASSIFICATION SUMMARY
2014
CLASS PROPERTY CLASSIFICATION

NUMBER OF LINE ITEMS

VACANT LAND

RESIDENTIAL (4 FAMILY OR LESS)

3A

FARM REGULAR

3B

FARM QUALIFIED

4A

COMMERCIAL

4B

INDUSTRIAL

24

4C

APARTMENTSIMULTIFAMILY

35

!SA

EXEMPT PUBLIC SCHOOL

15B

EXEMPT OTHER SCHOOL

15C

EXEMPT PUBLIC PROPERTY

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

RESIDENTIAL (4 FAMILY OR LESS)

60 PER PARCEL

3A

FARM QUALIFIED

60 PER PARCEL

3B

FARM REGULAR

5 PER PARCEL

4A

COMMERCIAL

150 PER PARCEL

4B

INDUSTRIAL

150 PER PARCEL

4C

APARTMENTS

150 PER PARCEL

15A

EXEMPT PUBLIC SCHOOL

25 PER PARCEL

15B

EXEMPT OTHER SCHOOL

25 PER PARCEL

15C

EXEMPT PUBLIC PROPERTY

25 PER PARCEL

15D

EXEMPT CHARITABLE

25 PER PARCEL

15E

EXEMPT CEMETERIES

25 PER PARCEL

15F

EXEMPT MISC.

25 PER PARCEL

TO BE COMPLETED IN ANTICIPATION OF INCREASE IN LINE ITEMS UPON


COMPLETION OF THIS AGREEMENT, AS COMPARED TO LINE ITEM COUNT AT
BEGINNING OF PROJECT.
THIS REPRESENTS NET CHANGES.
38

APPENDIXB
BOROUGH OF ROSELLE PARK
LIST OF SUPERVISOR(S) TO BE RESPONSIBLE (IN CHARGE) OF ENTIRE PROJECT
(PROVIDE SEPARATE FOLDER, IF NEEDED)

NEIL RUBENSTEIN, Project Manager


STEVEN RUBENSTEIN, Head Appraiser
MARK DUDA, Field Supervisor
JAMES FARLEY, Field Supervisor

*NOTE: NO CHANGE IS TO BE MADE WITHOUT PRIOR APPROVAL FROM ASSESSOR


(REQUEST AND APPROVAL IN WRITING) AND OTHER'S, IF SO 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

NAME (PLEASE PRINT OR TYPE)

DRIVER LICENSE NUMBER

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.)

TO BE PROVIDED AFTER DIVISION OF TAXATION APPROVAL-

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

LESS THAN 10,000 SQ. FT.

3,000

90

10,001 TO 25,000 SQ. FT.

4,000

90

25,001 OR MORE SQ. FT.

5 000

90

3,000

90

4,000

90

5 000

90

LESS THAN 25 UNITS

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

101 or more units


15 EXEMPT

*TOBE
COMPLETED BY
COMPANY AND
PART OF
AGREEMENT

43

APPENDIXG
MONTHLY BILLING SUMMARY*

TO BE PROVIDED AFTER CONTRACT APPROVAL.

Total Contract Amount$._ _-=-= Report Date:----MONTH O F - - - - - - BILL NUMBER _ _ _ _ _ __

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

_ _ _%

_ _ _%
___%

_ _ _%

_ _ _%
_ _ _%
_ _ _%
_ _ _%

_ _ _%
_ _ _%

_ _ _%

3.ANALYSIS & VALUATION


A.RESIDENTIAL/FARM
!.DATA ACCEPTANCE
AT$
2.INITIAL ANALYSIS _ _ AT$
AT$
3.FINAL ANALYSIS

%
%

B.COMMERCIALIINCOME!EXEMPTNACANT LAND
(SCHEDULE E TOTAL AMOUNT$
l.DATAACCEPTANCE
AT$ - - - - '
2.INITIALANALYSIS
AT$
AT$
3.FINAL ANALYSIS

%
%
%

44

4.FIELD REVIEW (SCHEDULE E TOTAL AMT $_ _ __,


A.RESIDENTIAL/F ARM
(SCHEDULE E TOTAL AMOUNT$. _ _--'

_ _ _%

!.QUALITY CONTROL _ _ AT$._ __


2.FIELD REVIEW
AT$. _ __
3.FINAL REVIEW
AT$._ __

_ _ _%

_ _ _%
_ _ _%

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:$_ _ _ _ __

%
%
%
%
%
%

*TO BE COMPLETED WITH AGREEMENT

AND USED FOR MONTHLY BILLING

45

BOROUGH OF ROSELLE PARK


ADDITIONAL INFORMATION
8.

Subcontractors:

NONE

12.

Employees:

(SEE COMPANY BROCHURE).

13.

CURRENT PROJECTS UNDER CONTRACT:


Bradley Beach Borough
Farmingdale Borough
Lacey Township (Reass)
Neptune Township
Sea Girt Borough
Wyckoff Township

14.

2015 Tax Year


2015 Tax Year
2015 Tax Year
2015 Tax Year
2015 Tax Year
2015 Tax Year

REVALUATION PROPOSALS SUBMITTED (PAST 6 MONTHS):


Denville Township
Eatontown Borough
Ewing Township
Long Branch City
Ocean Township
Randolph Township

15.

Financial Statements: See Attached.

16.

Receipt of Addenda: NONE

17.

Business Registration: See Attached.

18.

Pending Litigations: YES

2016 Tax Year


2016 Tax Year
2015 Tax Year
2015 Tax Year
2016 Tax Year
2017TaxYear

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.

REALTY APPRAISAL COMPANY

NEIL RUBENSTEIN, Partner

Signature of Authorized Representative

November 26,2014
Date

#15.

REALTY APPRAISAL COMPANY


Financial Statements
For the Year Ended December 31, 2013

JAY P. HABERMAN, CPA

JAY P. HABERMAN, CPA


998C Old Country Road I PMB 422 I Plainview, NY 11803
T: 516.775.0175

F: 866.420.4161

E-mail: jayh@cpa.com

ACCOUNTANT'S REVIEW REPORT


To the Partners
Realty Appraisal Company
I have reviewed the accompanying balance sheetof Realty Appraisal Company (a partnership) as
of December 31, 2013, and the related statements of operations, partners' capital, and cash flows
for the year then ended. A review includes primarily applying analytical procedures to
management's financial data and making inquiries of management. A review is substantially less
in scope than an audit, the objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, I do not express such an opinion.
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America and for
designing, implementing, and maintaining internal control relevant to the preparation and fair
presentation of the financial statements.
My responsibility is to conduct the review in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of Certified Public Accountants.
Those standards require me to perform procedures to obtain limited assurance that there are no
material modifications that should be made to the financial statements. I believe that the results of
my procedures provide a reasonable basis for my report.
Based on my review, I am not aware of any material modifications that should be made to the
accompanying financial statements in order for them to be in conformity with accounting principles
generally accepted in the United States of America.

J~ P. ffabennan; CPA

Plainview, NY
February 10, 2014

REAL TV APPRAISAL COMPANY


Balance Sheet
December 31 , 2013
ASSETS
current Assets:
Cash
Accounts receivable

Total Current Assets


Furniture and Equipment, at cost
Less:
accumulated depreciation

18,784
780,233
799,017

$153,861
142,681

11,180

Security Deposits

4,055

TOTAL ASSETS

814,252

::::::::::::::::::::;:::;:::;:::;::::;;::::

LIABILITIES AND PARTNERS' CAPITAL


Current Liabilities:
Accrued expenses

Partners' Capital
TOTAL LIABILITIES AND PARTNERS' CAPITAL

11' 850
802,402

814,252

===========

See accompanying notes and accountant's review report

REALTY APPRAISAL COMPANY


Statement of Operations
For the Year Ended December31, 2013
Revaluation Fees
Cost of Revaluation Fees:
Employee auto expenses
Revaluation photos
''Sandy" expenses
Field expenses

$ 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

OPERATING INCOME/ (LOSS)

17,868)

Investment Income
NET INCOME/ (LOSS)

316

$(

17,552)

===========

See accompanying notes and accountant's review report

REALTY APPRAISAL COMPANY


Statement of Partners' Capital
For the Year Ended December 31, 2013

Partners' Capital - Beginning


PLUS/MINUS:
LESS:

Net income/(loss)

17,552}

Partners' distributions

Partners' Capital - Ending

975,954

156,000)

802,402

======:::====:::

See accompanying notes and accountant's review report

REALTY APPRAISAL COMPANY


Statement of Cash Flows
For the Year Ended December 31, 2013

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

Net Cash Provided by


Operating Activities

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

===========

Paid for interest during the period


Paid for income taxes during the period

$
$

-o-o-

==========

See accompanying notes and accountant's review report

REAL TV APPRAISAL COMPANY


Notes to Financial Statements

NOTE A:

SIGNIFICANT ACCOUNTING POLICIES

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:

RELATED PARTY TRANSACTION

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.

See accountant's review report

REALTY APPRAISAL COMPANY


Financial Statements
For the Year Ended December 31, 2012

JAY P. HABERMAN, CPA

JAY P. HABERMAN, CPA


998C Old Country Road, PMB 422
Plainview, NY 11803
(516) 775-0175
Fax: (516) 775-1092
E-mail: jayh@cpa.com
To the Partners
Realty Appraisal Company
I have reviewed the accompanying balance sheet of Realty Appraisal Company (a partnership) as
of December 31, 2012, and the related statements of operations, partners' capital, and cash flows
for the year then ended. A review includes primarily applying analytical procedures to
management's financial data and making inquiries of management. A review is substantially less
in scope than an audit, the objective of which is the expression of an opinion regarding the financial
statements taken as a whole. Accordingly, I do not express such an opinion.
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America and for
designing, implementing, and maintaining internal control relevant to the preparation and fair
presentation of the financial statements.
My responsibility is to conduct the review in accordance with Statements on Standards for
Accounting and Review Services issued by the American Institute of Certified Public Accountants.
Those standards require me to perform procedures to obtain limited assurance that there are no
material modifications that should be made to the financial statements. I believe that the results of
my procedures provide a reasonable basis for my report.
Based on my review, I am not aware of any material modifications that should be made to the
accompanying financial statements in order for them to be in conformity with accounting principles
generally accepted in the United States of America.

Plainview, NY
February 6, 2013

REAL TV APPRAISAL COMPANY


Balance Sheet
December 31, 2012

ASSETS
Current Assets:

cash
Accounts receivable

1,010,440

Total Current Assets


Furniture and Equipment, at cost
Less:
accumulated depreciation

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

============

See accompanying notes and accountant's review report

REALTY APPRAISAL COMPANY


Statement of Operations
For the Year Ended December 31, 2012
Revaluation Fees
Cost of Revaluation Fees:
Employee auto expenses
Revaluation photos
"Sandy" expenses

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

===========

See accompanying notes and accountant's review report

REALTY APPRAISAL COMPANY


Statement of Partners' Capital
For the Year Ended December 31,2012

Partners' Capital - Beginning


PLUS:

Net income

LESS:

Partners' distributions

Partners' Capital - Ending

897,909
234,045
156,000)

975,954

===========

See accompanying notes and accountant's review report

REALTY APPRAISAL COMPANY


Statement of Cash Flows
For the Year Ended December 31, 2012

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)

Net Cash Provided by


Operating Activities

154,596

Financing Activities:
Partners' distributions

156, 000

Decrease in Cash
Cash -

Beginning

Cash -

Ending

1,404
15,139

13,735

=::::========

Paid for interest during the period


Paid for income taxes during the period

$
$

-0-0-

==========

See accompanying notes and accountant's review report

REAL TV APPRAISAL COMPANY


Notes to Financial Statements
NOTE A:

SIGNIFICANT ACCOUNTING POLICIES

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

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, 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:

RELATED PARTY TRANSACTION

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.

See accountant's review report

.,

,,

- ..

l=lll_:ll
Ill'-,C--

! _.,...
-~

STATE OF Nli:W JERSEY


BUSINESS REGISTRATION CERfiFICATE

NAS SURETY GROUP

BID BOND
SURETY:

CONTRACTOR:

North American Specialty Insurance Company

(Name, legal status and address)

Realty Appraisal Company

475 N. Martingale Road, Suite 850

4912 Bergenline Avenue

Schaumburg, TIL 60173

WestNewYotk, Nj 07093

This document bas important


legal consequences. Consultation
with an attorney is encouraged
with respect to its completion or
modification.

OWNER:
(Name, legal status and address)

Borough of Roselle Park


110 E. Westfield Avenue

Roselle Park, NJ 07204

BOND AMOUNT: Ten Percent of Bid .Amount Not to Exceed Twenty Thousand and 00/100
Dollru:s (10% of Bid NTE $20,000.00)

Any singular reference to

Contractor, Surety, Owner or


other party shall be considered
plural where applicable.

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)

NEIL RUBENSTEIN, Partner


(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 .

Realty Appraisal Company


,.CONTRACTOR,
bound unto
Borough of_R"'o"'s,.,e=l,.,l....,e:.....oP""a"'r""k..,__,N"'J'--~--.....------for
Revaluation of Real Property, Roselle Park, NJ
North American Specialty Insurance Company
(Nam~.oflnsurani::.e Company)

~s:..~
(Witness)

'.iiCKNOWLED<JMENT OF COR?ORAIE SilllETY

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

, a .c~rPoration; that. the seal affixed to the foregoing


instrument is the corporate seal of S<tid corporation, and that said instrument was signed and seated in behalf of
.said corporation by the aforesaiC: officer, by aui:hority of its Board of Directors; ru1d the aforesaid officer
acknowledged said instrument tob~ the free"a.ct.and deed of said corpor.ation.

iS beill%t

(Signature)

Anne Shattuck

.Notaty,Public, -:-~---'H::;a::;r;:..t::;f::.:o:.:r=:d:=-----' __..::C:::;T-.....-.....-(County:


(State)
.. .
'' ..
3/31/15
Cominission expires:

----

NAS SURETY GROUP


NORTH AMERICAN SPECIALTY INSURANCE COMPANY
WASHJNGTON INTERNATIONAL INSURANCE COMPANY

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-=~~~~~~~~-=~~~--~~

Steven p, Andcrson,SeniorVic0 Presldcnt of Washington lnt0raational ln:tUrnnc:e Cnmpany


& Senior VI~c President or North AmeriCDn Speeblr:y Insnrnnc~ Compllny

By

~7"""-"- -

Dnvtd M. Lnymnn, VicePrcsiddnt nfWnshincton Intcmntional Inrnr:uu:o Company


& Vice President orNnrth AmcriCIIIl Specialty Insnr.tncc Complllly

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:

On this 26th day of


June
20~ before me, a Notary Public personally appeared
Steven P. Anderson , Senior Vice President of
Washington International Insurance Company and Senior Vice President ofNorth American Specialty Insurance Company and David M. Layman.
Vice President of Washington International Insurance Company and Vice President of North American Specialty Insurance Company,
personally known to me, who being by me duly sworn, aclmowledged that they signed the above Power of Attorney as officers of and
acknowledged said instrument to be the voluntary act and deed of their respective companies.

"OFFICIAL SEAL..
DONNAD.SICLENS
Notary Public. State of Illinois
My Commission Expires !0106120 15

Donna D. Sklens, Notary Public

I, Jeffrev Goldberg . the duly elected


Assistant Secretary
of North American Specialty Insurance Company and Washington
International Insurance Company, do hereby certify that the above and foregoing is a true and correct copy of a Power of Attorney given by said North
American Specialty Insurance Company and Washington International Insurance Company, which is still in full force and effect.

IN WITNESS WHEREOF, I have set my hand and affrxed the seals of the Companies this 2nd day of December , 20 14.

-~/pg~

Jeffrey Goldberg, Vice President & A~~istnnt Sccr~tary of

Wnshing:ton Intctn:~tional Insurance Company & North Americ:m Specialty Insurance Sompnny

NORTH AMERICAN
SPECIALTYINSURANCIE COMPANY

NORTH AMERICAN SPECIALTY INSURANCE COMPANY


An New Hampshir.e Corporation
BALANCE SHEET AS OF DECEMBER 31,2013
(StatUIOIY Basis)
Valuation of s.ecurities on National AssociatiOn of Insurance Commissioner Basis
LIABILITIES

ASSETS

Other Admitted Aasets

189,334,348
195,092,331
12,429,484
57,266,748

TOTAL ADMmED ASSETS

514,172,911

Cash
Bonds
Other Invested Assets

Reserve .for Uneamed.Premit.ims


Reserve for Losses and Loss Adjustment Expenses
Funds Withheld
Taxes and Other Liabilities
Surplus
TOTAL LIABILITIES &
POLICYHOLDERS" SURPLUS

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_

_~, "=-'%

Subscribed an'd swam before me,


thiS 02 day of April, 2014

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

About the Company

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

Forms and Summary Data

News Letter/Public Notices


Town Introduction Letters
Understanding Property Inspection Pamphlet (avmlabla on webs1te)
Inspectors Door Hangers
Monthly Progress Updates
(avrulable on website)
Town Inspector's List and ID Letter
Sample Value Letters
Understanding Property Appraisals Pamphlet (avo.ilable on websitel
Sales Data and Town Maps utilized at Informal Hearings

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

NJ Tax Assessment System


,,.,I

'

i
"I I

ffered

Services
Revaluation:

A program to appraise all real property within a municipality


to establish fair market value, including the measuring and
inspecting of all properties.

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.

Data Base Maintenance:


Appraising new construction, new land parcels and recent
changes to existing buildings.

Tax Appeals:
Assisting municipalities in defense of tax appeals, either at the
county board of taxation or Tax Court of New Jersey.

-~. : 'RealtyAppraisdi:Company

..

,,

I':
:

:i:

Company History

Founded in 1934, Realty Appraisal Company is recognized as the leading


municipal revaluation and appraisal fum in the State of New Jersey. New
Jersey's municipal tax assessors have rated Realty Appraisal Company as
best in the state for quality, accuracy and methodology. The firm has achieved
this unrivaled reputation for excellence due to its successful completion of
over 400 revaluation and reassessment programs.
Realty Appraisal Company is staffed with full time, highly trained professionals
with many years of experience in property appraisal and revaluation. The
fum operates exclusively in the State of New Jersey.
Joseph Rubenstein established Realty Appraisal Company after building
successful businesses in the fields of real estate sales, property management,
construction and development. Joseph's sons Robert and Stanley joined
Realty Appraisal Company in 1951, and are partners of the firm which today
is managed by Joseph's grandsons, Steven and Neil.

.Realty Appraisal tompcmy


''

'I '

'

'

, "

,I I I;;

'"'

'

'

"

I;
,

Company History

10

Qualification of Personnel
Taxpayer Relation Program

Cooperation with Assessor


Substantiation
Given for Values
Accuracy of Progress Reports

Application of
Three Approaches
Timely Completion

[IJOU!'ee: ilia 3-..trte of New Jotooy'o oVIllllltlon ol appml.Cal compamoD accrooo the atate]

Realty Appraisal Company

m
u
Realty Appraisa/Corripa'rly. .
I

'

![

State Average

'

;;

About the Company

Robert I. Rubenstein has engaged in the general practice of


estate since 1948. His experience includes sales, leasing,
financing of property, as well as property valuation. Robert has
50 years of experience in appraisals, focusing on commercial
industrial properties.

Robert I. Rubenstein - Partner

real
and
had
and

Robert is a member of the Appraisal Institute, the successor to the


American Institute of Real Estate Appraisers. He has been a licensed
real estate broker in the State of New Jersey since 1950. He formerly
served as President of New Jersey Chapter No. 1, in 1972. He is also
a Certified General Appraiser (RG487) from the New Jersey Board of
Real Estate Appraisers.
Robert graduated from Cornell University in 1948 with a bachelors
degree in Mechanical Engineering.

Stanley Rubentsein has been continuously engaged in the general


practice of real estate since 1950, including selling, leasing
and financing various sorts of property. He has co-supervised
revaluations in over 260 municipalities throughout the state as well
as numerous appraisals for lending institutions and government
agencies. Attorneys and estates have also hired Stanley to appraise
properties for condemnation, ad valorem, taxation and inheritance
taxes.

Stanley Rubenstein - Partner

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
I

'

'

'

'

'

',,'

,,

,.

4'

'

,,;

,"'

About the Company

Since 1986, Steven Rubenstein has been appraising property for


Realty Appraisal Company. He has given testimony before the
county tax boards in Monmouth, Middlesex, Morris, Bergen, Passaic,
Hudson, Sussex, and Ocean Counties, as well as before the Tax
Court of New Jersey.
Steven is a Certified Tax Assessor and Certified General Appraiser.
He is a member of the Appraisal Institute and Bergen County
Association of Assessors.

Steven Rubenstein
MAl, SCGREA, C.T.A.

Steven has served as a guest speaker and panelist at numerous


conferences and boards. He presently serves as the Tax Assessor
for the Borough of Glen Rock, and also served as the Tax Assessor
of Wood-Ridge Borough between 1996 and 1999.
Steven graduated from Boston University in 1978, and has continued
his education through seminars and courses given by the Appraisal
Institute.
Neil Rubenstein has been a practicing appraiser of real estate for the
past 29 years. He has spent a significant portion of his time engaged
in the mass appraisal field, specifically as it relates to municipal
revaluations. He has dealt with all types of municipalities including
urban centers, suburban communities, and rural districts.
Neil is a Certified Appraiser and Certified Tax Assessor. He serves
as Tax Assessor in the Borough of Haworth.

Neil Rubenstein
SCRREA, C.T.A.

Neil received his Bachelors of Arts from Muhlenberg College. He has


continued his education at Rutgers University in New Brunswick,
as well as augmenting his skills through courses offered by the
American Institute of Real Estate Appraisers.

About the Company

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~

.Realty Appraisal Company


''

.,,

.1.,,

., '::

,,-,,'

About the Company

Realty Appraisal Company seeks out the most talented, best


qualified candidates for our team.
Every employee must go through a rigorous application process.
Most of our employees have at least some college education and
are trained by our existing staff and partners to ensure accurate
recording of data and sensitivity to homeowners.
Our supervisors ensure that our staff members are respectful of
residents while completing their assigned tasks.

Field Inspectors

Realty Appraisal Company's office staff is extensively trained to


address all issues that arise during the revaluation program as well
as the review and recording of all information collected during the
inspection process.
These full time employees attention to detail and experience provide
the highest quality service to our clients .
.~.

Support Staff

,Realt}tAppraisal Company'
1

,,.

:1.::

1 I

I,

1 1

, ,

'

I,' 1

''

,,

'7
'

"li

Riverside 1973
Riverton 1960

'~

CAMDEN COUNTY
Bellmawr 1960
Berlin Twp. 1960

'""'

CAPE MAY COUNTY


Middle Twp. 1960-1974
Ocean City 1961

-~

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

~-

c~

-"',
~

-~

~'

Client List

.,

~~-,

-"~

"'
,.,......_
~-

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

_,
~

""~""",

* Reassessment

RealtY'Appraisa/Company
'

~"""

'

' ;

.' ,, 'i

1::.

':

: '',''

!:'

8
,-,' I;

Client List

South River 1985


Spotswood 1961-2004
Woodbridge 1961-1970-1985
MONMOUTH COUNTY
Aberdeen 1970-1990-1992'-2008
Allenhurst 1972-1982-1988-1993'-1997-2001'-2006
Allentown 2010
Asbury Park 1962-1979-1987-2013
Atlantic Highlands 1975-1989-1995-2003
Avon By The Sea 1999-2007
Belmar 2002
Bradley Beach 1994-2001-2005*
Colts Neck 1972-1979-1987-1994'-2009
Deal 1981-1988-2001-2008*-2011
Eatontown 1984-1990-2005-2009*
Fair Haven 1992-1995*-2002-2013
Farmingdale 1981-1990
Freehold Borough 1981-2004
Freehold Twp. 1980-1989-1990'-1997-2008-2012'
Hazlet 1975-1984-1993-2008-2012*
Highlands 1983-1989-1992*-2003-2010
Holmdel 1971-1978-1984-1991
Howell 1982-2006-2011 *
Interlaken 1981-1988-1993*-2002-2012
Keansburg 1962-1989-1998-2006-2009*
Keyport 1990-2008
Little Silver 1972-1980-1987-1994-2002-2012
Loch Arbour 1980-2001-2007-2010*
Long Branch 1988-2002-2006*-2009*
Manasquan 1962-2003
Marlboro 2009
Matawan 1988-1991 *-2007
Middletown 1984-1990 (CL4)-2008-2010*
Monmouth Beach 1969-1974-1980-1987-1992*-2004
Neptune City 1982-1989-1992*-2003
Neptune Twp. 1970-2003
Oceanport 1958-1969-1973-1983-1989-2005-2009*
Ocean Twp. 1976-1983-1991-2004-2009*
Red Bank 1968-1975-1988-2000-2006*
Roosevelt 2006
Rumson 1968-1992-1994*-2003-2013
Sea Bright 1984-1992-2003
Sea Girt 1982
Shrewsbury 1966-1972-1982-1988-1993-2002-2012
Shrewsbury Twp. 1990-2007
Spring Lake Hts. 2001-2007*
Tinton Falls 1978-1983-1989-2007
Union Beach 1962-1989
Upper Freehold 2005-2010*
Wall 2001
West Long Branch 1970-1974-1983-1989-1992*-19992005*-2012

RedltyA.ppraiso/Compariy
.

'

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,

J WOuj(j likl" to t(tku thi.l


.
opportunity to tb

nnk you fv:r tlk Pt'Oi'tll~lO!Utl


our r.:>vn..lu~>tlon. You ~'Ou/d not huvc

nHtl'ln<':r Ill which your firm hndlcd

.ll:'llld(' this iob nny Qa.llkr tio

Durin" th('" ,.
neconnnod
'

"

,n

ttl\

r us.

p.rocm,;Ct you

Ute t'Vcr;von(.> involY""

~""-

d
' /lJl your staff w
ant out of th~ir wuy W
fir

.,.., __.

mSWf.l,<;~tb,

Nl\tl.>(>.o year'" in Pn:ro.n,uB und th


"' m rovaluation in ovur
0
Oll:~c during t.his
'
wuy you~ eomp:my put tht.> ta
Pl:'OC<J~ wu,.. ftlllnziJl.V y
XPU)IC/l'fl at
tho Tt'Rid~nt.~. 'Ibo .fj<"Jd;
,. ou truly b<Jnt OV\!r bnckwa.t& +n h 1
llSPt'<-Wr~ W{'tc Jci.ad
"" (' P
1 nlNO mum compJjrnont Yl>Ul' fu:
, court.:.'Ou,;, nnd rospeetful.
T.ho.num~

month(luccuru"" f<-'-

l~ lllllkt ~CDII<o> o..nd rd'Jt-Ct th

v~ 0 '-'>0 lll!l!l('&lllJ.Onb-1,
D:lurke>t vttluo C!(tho Pl:'OPQnic-... l! i~
OtH to you a.od Mlc f,
"
(> revoluution ill OV('r t.IUJJ I
b
.
or A..<ISil!lUtnco, The ~upport
Clln roach
orough ~~lUI invu.Ju.'l.bi<> r,
l'ly>ltQm You supply to tho:>

roM.~uring to know tht,t w~n thou"'h t.h t

Thunk YOU ford ,

csourct~

to tht <:ommun.
lt}'.
bf.

OIOS'$U<:httgrtlllt'

''""' ~- ~"''" ~ >-.

'""""'"''<:otlr,,'l....,.
IIJ<M"'!.i1. ~w.'"""
M>tll""':,"'-""~

~""'"' '"'"'"' -:.><0'.~> r_t.~

0"""~"""'''""'"'

"""""'''' ..'""""

loo.k fotwnrd to working with )'O


. )O or the Borough ofPurtunus I
:if
UUf\'UJ.Il. lfict>. 00

you would likl.! ll l:'<lcom:nondilti


n
of ll.ny ~tll~tllncc to VQu
hesitut~ toul!lk
on tonnothercorn.munitypl
d

cuatt o .not
or

,,,.,..,..,~~~

)l\"lt1UW.M0M"'~Jr

~~

"'"'"""""""''"'~'"""
'""""'''""''"''"-~~

""~""'M,.'"'

"'"""''"""'""'""'"''"""""'

N<!HI~in

Rolllty Appmlf.lll ComPQnl'


4912 9efgor'IUtla AVDMI.IO
WO!It NOW Yotk, NJ 01093
oemr Mr. Rub&I'IIWio

~ "Your personal service and willingness to work ~

~for and with my staff were second_ t? none."


------,,;;,
......::R:.~~"7f!';.:~~~:\,..
Realty Apprc/lsi::H
c oinpahy
';i
,,
i
'

"

,,

"

,'

...

""

Neptune MumczpalAssessor)

~Township of Mt. Olive

!( "I lo_ok forward to working with


~you m the future."
~
~
Tenafly Municipal Assessor I
\.
.Jl
nQROUGH OF TENA-FLY
"'

10

RJVEREDGEROAD
07670

~AFLY. Nl

(2Q L)56S-6l00

~:

..,.crely,

Realty Appraisal CompanY

4912B<'S""IinnAvel~~;093
We:;t New ';{ork, N

F~WE'NSJi[p
OF
Q

AttentiOn: SteVe Rubenstein

'UOLD

s <Jnr/ Eirh

.
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
. .
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"

E~tgl!ll<' 8

ancms tit~ Qllall~,, ofllfi"

1)

Ct~,1d (~,z
'A

A.'\S~ssor

CCB~jr

RealtY Appraisal CompanY ,J1


'

''

"M. S<7lkrit

1t1."1t/ f>.

Sincerely,

'

l:ilfJp COA.JMJ
c
Golub, 0 ,. ttt 'rrct::

Ruy';;~~~ :;;:;.;::;

1\ook fcrward to working. with you in the future.

eurol C. Byrne.

iYfiJYOR

~~~~~~~i!~]!~~~~~~~~~~~~~~~~~~~~~r~o:"':w~-~!v!J!J!,,~,!'!'"l"~"~

' "'Pl't::.cro;,,

''

I,

,!

s""", 1

._,,

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.

* Overlay the zoning districts on the land value map.


*Verify every recent property sale from county documents (SR1A)
for usability and transaction names.
* Match every notice of valuation letter at end of reveal with the
property record card to confirm correct value.
~

'*

Field
Supervisor

Allocates field work to insure that developments are listed by one or


two persons only.

* Drives neighborhood to check completed inspection forms for accuracy


and intemal consistency .

.:*
ti

\i

ri,,

Realty Appraisal
company.
,,
,.
'

'

Visits dwellings to confinn property owner satisfaction with field


inspection.
Researches condominium master deeds and amendments.

''I,'

'

12

Quality Assurance

Principle
Appraisers

*Investigate sale and rental listings, both from Multiple


Listing Service and on-site signs.
~

~~

I
" *Verify commercial property sales with transaction '
. participants.
~

,,

" * Obtain a list of pending and approved site plan applications 1:.
from municipal planning boards.

. *Review income and expense statements submitted by


owners of income producing properties to verify building
age and compare leased spaces with total building area;
check for relationship of tenant and landlord, determine
,
economic rent for similar properties.

.:
"
'

)~

*Assemble and utilize database on sales, rents and listings


: of residential, vacant land, and commercial properties.

~.~

.1

~ *Drive entire municipality at end to visually check accuracy ~


~

of every property record card, consider exterior influences ~


and confirm values.
~

~~

'.

"""

Realty :Appraisal Cbmpciny


; '.

'!

'1

'

:1

;!

, :

: ;' .: .,

,;;,.e

;;.

~I

'IJJ"

13 .
' :i;

ASSESSORS' RA:riiiGS OF REVALUA:I:ION FIRMS

fJRM - REALTY APPRAISAL COMPANY

Average
J./31.1.... Firms>
1.
2..
3..
4..
5..
6~

7..
8..
9..
lO..

7.30

Quali-fica-tion o-F personnel


Ta):payer relation program
Cooperation "-.~i th assessor
Substantiation given for values
Accuracy of progress reports
Handling o-f ta>:payer reviews
Quality of land value map
Accuracy of property record cards

7.10
8.29

*
*

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

Application of three approaches

Your
Average
Score

~I

7~50

Your average scare is given only ii' two or ~ore districts


revalued by your firm returned a questionnaire ..

* = HIGHEST
~~Q~ICAL

SCORE

RATING CHART

Significantly Above Satisfactory


Moderately Above Satis~actory

10 Points
7-..5 Points

Satisfactory or At Standard
Marginally Below Satisfactory
Signi-ficantly BelowSatis.f-actory

5 Points
2w5 Points
0 Points

'; : : :f:::~i: ~ :::~ i:; ~:r:.::::::'!:c;:~T:~:::T~'':: ::!::::"!:~::T;::Tr~T" !::: :: :,~::T.c'l:: : .


above: .. ThelNew. JerseY .Di\tlsioo: Of

' Taxation, periodically>provides. feedback


forms to. mass .appraisal. companies to ..
. demonstratehow !a particular .compal'ly:
compares with
competitors . and
demonstrate areas for. impr.ovement.
Realty

Appraisal

Company

has

consistently recieved high marks during

,)1

independent scoring.

II

r'f
;1

lj

Realty Appraisal Company

14

Public Relations

Realty Appraisal Company employs a comprehensive public relations


program aimed at educating the public as to the revaluation process.
Utilizing a series of direct mail contacts with property owners as well as
public announcements in local newspapers and websites, the education
program keeps the public well informed during each stage of the revaluation
process.
The goal of the education program is threefold. First, it is meant to reduce
public anxiety by dispelling myths and misconceptions regarding the
revaluation process and its impact on property taxes. Second, it is designed
to anticipate the public's questions and concerns so as to reduce the strain
on local tax assessor's offices caused by large numbers of inquiries. Third, it
is presented in a manner that removes any onus for the revaluation program
from the local governing body.
In coordination with local officials, Realty Appraisal Company can become
the public face of the revaluation program by meeting with the public,
mailing educational brochures and addressing any questions or concerns.
Experience shows that a revaluation program is most successful when the
public is regularly updated and informed during the entire process.
Realty Appraisal Company's goal is to execute a revaluation program that is
fair, accurate and most importantly, accepted by the public.

. 15

, RedifyAppraisa/Cdrripany
'

'

'

! ;

''

'

I'

'

'

,;;,

'I

,II

betow:P~ess releases pla{af1irr\poi1:~r\trole .


'informing 'local news sources of th'e.pending '
revaluation program: In turn, local daily and
weekly newspapers are a powerful tool in
aiding public awareness.

SOUTH AMBOY REVALUATION TO START


A complete revaluation program of all property in the City of South Amboy,
which is designed to provide uniformity and equality in the distribution of the
local tax burden based upon appraisals at fair market value, is scheduled to
begin within the next few weeks. The revaluation program is required to reflect
the changes in market value which have occurred in the City since the last
revaluation. State law requires that all real estate be assessed at current market
value which is defined as
the price a property would sell when the buyer and seller are both acting
voluntarily.
The City was ordered to conduct the revaluation program by the Middlesex
County Board of Taxation.
In order to comply with this directive, the City has engaged the firm ofRealty
Appraisal Company ofWestNewYork, New Jersey, afirmhighlyskilledinmass
appraisal techniques, with fifty years ofexperience, to perform the revaluation. In
order to conduct the program, it will be necessary for the firm's personnel to make
complete interior and exterior inspection of each property. Further, in the case
of income-producing real property, it will be necessary for the firm to gather
data
regarding income and expense, as well as other pertinent information.
Prior to the results of the revaluation being accepted by the City, each and
every property owner will receive a notice of the value determined by the firm
for their property. The firm will then conduct complete and informal reviews
of the values determined with any taxpayer so desiring a hearing. A time
and place will be set aside for such hearings. For protection, each authorized
representative of the Realty Appraisal Company has been provided with a
letter of identification bearing his or her photo and signature. The appraisal
company cautions all property owners to be sure to ask for this identification.
Each property owner should not permit anyone who is not able to properly
identify himself or herself to enter upon the premises.
###
Realty Appraisal Company

II
li

16

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.

.visit, a written notice will be lcB.


Mehlhorn said part of the .tax advising that an assessment will
assessor's duties is to keep ;the be estimated unless arrangmcnts
are made for a third visit.

city~s assessment ratio as Close to


"All
arc asked to co100 percent as possible.

1~ft:

& .b~tow: The re~ult of


distributing press ' releases . to
loc"'l_papers: .articles. informing
the public, about the program.
These are two examples where
a successful publicity campaign
has lead to articles explaining
the process.

Revaluation hits Neptune;


officials try to dispel myths
By AUSON WALDMAN
CoASTAL MONMOUTH'SUREAU

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,

Neptune tax assessor


assume that our taxes
going to go up. I don't
know hOw much," said
Jones, 63.
Greg Lewit, of Realty Appraisal Co. of West New
York, explained to Jones
every property in Neptune is undergoing inspeeti0ns - which only last a

bring property assessments in line with market


values means the township
must inspect and revalue
all of its approximately
11,000 properties, said Ber
nard Haney. township as-

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
~I
ne~borhood

!
II

,I
Realty Appraisal Company

17

TOWNSHIP

OF

ABERDEEN

ONE ABERDEEN SQUARE. ABERDEEN. NEW JERSEY 07747

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.

'I

~I

'
I

I
~

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

MUNICIPAL OFFICES (732) 583-4200

Realty Appraisal Company

above: .A. sample letter sent


to r:esidents. of the Borough' of
Rumson to inform them of the
property revaluation program. All
materials distributed to residents
are first approved by the municipal
leadership.

FAX (7321 290-3171 WWW.TWP.ABERDEEN.N).US

18

Township of Mt. Oiive

Re:

Information Request Pursuant to N,J,S.A 54:4-34

Dear Property Owner:


Each municipality in New Jersey is charged with the task of assuring that every property is assessed
at its full and fair market value, as of October 1st, of the pre-tax year. The Township ofMt. Olive
is currently undergoing a municipal-wide revaluation program by Realty Appraisal Company of West
New York, New Jersey,

'I

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.

John Marchione, CTA


Tax Assessor

Enclosure

Mailing Address:
PO Box 450

Physical Address:
204 Flanders-Drakestown Road

Budd Lake, NJ 07828

Budd Lake, N) 07828

Phone: (973) 691-0900


www.mountolivetownship,com
-~

Realty Appraisal Company

19

Public Relations

'~"-':1"'''"

Pamphlets available through website


IJnde~swnding

Propertglnspertions
As part af a property revaluation

Published by Realty Appraisal Company

http://r~altyappraisal.net/pdfslflverOl.pdf

. ReaJtyAppr0isdl Compi::mY:
','

'':1

' ; :';'

; :

,,,,'

'

i ~

20

Public Relations

1'llle Cou.aty :Boanl of'lliil:lmlliom:bas onllered a ~om of d ~es


your ~to detemminedm.elr~ :auwrlket~.

4- Property inspections are a required part of this revaluation process. 4-

1 Who will in<peet my proporty?


11

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

Whd if I made lmpl'llvementS and upgrade~: to my home olter ihe .vears?


.~ 1re oalf lllitruttd In pttlnt tht ll'l'fomultloo -'ad to~ IJiptlllstfOIU'
praptrty. Tbty d.o 1101 sat liWtlutd 11'1 laoll 00119 "' t...llilag aolltt~. l.u.er:ton rtpttt 04ly
to tilt Jholtlptl Tu Atcwor:.

pttlpttl'f -la#tl110~

211 Whot about my ~;cty and security?

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.

_,j,.,

9.

Docs a revaluation make my property taxes,go up?


Mot atcttnrlly. ,......,.,. Mftlatl- do t10t ntomlflciUy rtnlt ~ kJ9bor properly twt. 1'hlr
b
wllllo ptotortr nl... 9 Ill', tltt h~ m. llltd to t~ICIIItfe yoo~r tu hUt wiii!JO dOWII.
FatwMple:

.._..w

1(). Who do I call tf I have q11esfions or toncctM?


All mldOIIfl: ~ ptllptrf1 owmt .,. ~l'II9M to Cllllf1d tN lllunlcl'pl Tu
Amor' Offict if you. hiWfl a.y ~lea or ...w:.m. You ott~ ~~~ co11tut
Re.lty Appnlal C.mpollf It 1400-141-6740.

http:/ /realtyappraisal.net/pdfs/flyer01.pdf

RealtyApprdisa!Company'
',,

'

'

'

1.:

21

Door Hangers

hanger
of our visit, encouraging
.re!ichedule an appointment.
~esidents

above right: Yellow door hanger are left after


three attempts, encouraging home owners to
call and schedule an appointment.

ReaJty:A,opraisaJ Cdrnpahly'
I'
'

'

,.

I';

',,

'

'

I , ...

22

Realty Appraisal Company


Serving New Jersey Municipalities
-

"Home
-

--

m About RAC

"Services
-- "- Clients

"Contact
RAC
- -

Current Revaluations

--

Rev.alu.ation Compl.et::

Aberdeen

Contact Us Regarding This Revaluation

Colts Neck

COntact Us Re9arding This

Deal

Contact Us Re.q.arding This Revaluatl.on

Revalu.ation Complete

East Windsor

Contact Us Regarding This Revaluabon

Status Report

Freehold Township

Contact Us Regarding This Revaluation

Rev.aluation Complete

Hazlet

Contact Us Re9arding This Revaluati-on

Revaluation Comple:te

Jackson Townshjp

Conta.ct Us Reg.ardino This Revaluation

Revaluation Comple:te

Keyport

Contact Us Regarding This Rev.aluation

Marlboro

Contact Us Reqardinq This Revaluation

Middletown Township

Contact Us

R~valuation

Revaluation Compbete

Vernon

Contact Us Regarding This Revaluation

Rev.alu.ation Complete

RealtY Approisal Company

R~.gardino

4912 Bergenline Avenue

This

Rev:alu:~tion

West New York, New Jersey

Status Report

Status Rep.ort

07093

201-867-3870

http://realtyappraisal.net/current.htm

Available on our website.


li
, Our monthly progress is provided to the local assessor ~
1
(.. as well as posted on our website for public knowledge. ~~
~

~-

Re6ttyAf:>praisbrcompcmy .
'

' I',.;

"

'

23

"'"'

,,,'

,.

j,:,

,I

REALTY APPRAISAL COMPANY


4912 Bergenline Avenue
West New York, NJ 07093

(201) 867-3870
Field Inspectors

Town:Colts Neck

Updated:03/2309
Vehicle/Color

License Plate

Jim Farley

2001 Nissan Sentra - Beige

123456

Mark Rubenstein

2009 Mazda. 3- ,tlver

113456

\.26C0 :1ond~. Ci\ ;c ~ Ev~ig~

123456

19

2006 Honda Accord - Silver

123456

10

Greg Lewit

2003 Infinity G35 -Silver

123456

17

George Tomkowich

2005 Honda Accord - Blue

123456

Joseph Curatolo

2009- Subaru Forester- Green

123456

31

Ct;:.;s'Wit:.-Jman

~-

c;

~'--:~"Jorri.an

>eacy

~.

::11"','1'"'1'':' :W''I''!!'i""I'T"I!I:'"'I ''II'"I''I:I'I'"!I"I'"II'TT-'1'1''1'1''"1'''

r~pectgrs li~t

is >~er1t
Assessor Police and
Municipal affiliates to
proper identification.

Realty Appraisal Company

'"'" "'''I'I'T'I''''"'''

.t~

the
other
insure

24

.~.

BOROUGH OF HARVEY CEDARS


POBOX3185
HARVEY CEDARS, NEW JERSEY 08008-0319

BOARD OF COMMISSIONERS
Bum:ud C. twncly, CTA

MUNICIPAL ASSESSOR

JONATHAN S. OLDHAM, MAYOR

DEPT. OF Pu&IC SAFEn' AND PUBLIC AFFAIRS

(609) 494-2843
FAX (609) 4lil4-233S

JUDITH E. GI!!RKEN~

EMAIL as&!ISOOr@harveycedars.OI'Q

DEPT. OF PUBLIC WORKS AND PUSLIC f!ROPER1Y

Vt'llvW,harv~~~ ,rg

M ICHAEI. A, GAROFALO
DE?T, OF REvf:NUE AND FINANCE

,." '
Dear Resident:
' '

'.

..

;,

'

'>'-'

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.

'

,.,

:-:

_.;,,

.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.
.

Yonr ~oc>,er: ti0J will he most appreciated.


Sincerely,
~

~~~

/---.

Bernard Haney, CTA


Tax Assessor

Realty Appraisal Company

'4";!:''" ::::t::-;::;::::;':;- :-::,::1

:.,'j,

::,i':";,.;,;.' :,

. ~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.

~-

Realty Appraisal Company

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

SMITH, JOHN & MARY


34 OAK LANE
GLEN RIDGE NJ
BLOCK: 1

PROPERTY LOCATION
34 OAK LANE

07028

LOT: 7

QUAL:

Dear Property Owner:


.~.

,I

The Borough of Glen Ridge was ordered by the Essex County


Board of Taxation to revalue all property and establish current
market value as its basis for tax assessments. Accordingly,
Glen Ridge engaged our firm to conduct an independent
revaluation of all property in the Borough.
The appraisal of your property to reflect current market value as
of October 1, 2007 is:
$395,800.
This value will be used for assessment purposes beginning in the
year 2008. Since new appraisals have been made to reflect
current market values, the tax rate required to raise the
necessary revenue to support this year's county, school and
municipal budgets will be SUBSTANTIALLY REDUCED. Therefore, an
increase in your assessment DOES NOT NECESSARILY mean an increase
in your tax bill. There are currently unknown factors that will
affect the 2008 budget, and therefore the 2008 tax rate cannot be
calculated at this time.
We suggest that you compare the above value with your mm
estimate of your property's present market value.
If you desire,
our representative will be glad to discuss your appraisal with
you, and review any additional information you may have. To
arrange for a convenient appointment, please call our office at
(201) 867-3179 from 9:30a.m. to noon, or 1:00 p.m. to 4:00p.m.
on Wednesday, Feb 27th, Thursday, Feb 28th or Friday, Feb 29th.
These one-on-one conferences will be held at the Municipal Bldg,
825 Bloomfield Avenue, Glen Ridge, New Jersey. Residents are
urged to take advantage of this informal review process. We ask
only that you be prompt and that you bring this letter with you
to identify your property. Once the informal reviews have been
completed, the new assessments will be available at
www.realtyappraisal.net. Please refer to the enclosed pamphlet
for some commonly asked questions.
Sincerely,

..above:

'A

sample letterad\/ising.

'
'I
'~ !
1.1

REALTY APPRAISAL COMPANY

property owners of their new

jl

~I

valuation.

'

Realty Appraisal Company

26

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

December 26, 2007

SMITH, JOHN & MARY


34 OAK LANE
MAYWOOD, NJ
BLOCK: 1

PROPERTY LOCATION
34 OAK LANE

00000

LOT: 7

QUAL:

Dear Property Owner:


The Borough of Maywood was ordered by the Bergen County Board of
Taxation to revalue all property and establish current market
value as their basis for tax assessments. Accordingly, Maywood
engaged our firm to conduct an independent revaluation of all
property in the Borough.
The appraisal of your property to reflect current market value
as of October 1, 2007, is
$142, 600.
This value will be used for assessment purposes beginning in
the year 2008. An increase in the assessed value of your
property does not necessarily mean your taxes will go up
because after a revaluation has been completed, a new tax rate
is also established. Using the 2007 budget and the new values,
the tax rate for 2007 would have been approximately $1.77 per
$100 of assessment as compared with the actual rate of $4.13.
The following is an illustration of a house that was assessed
at $179,500 has now been appraised for $418,500:
Old Assessment
New Assessment

$179,500
$418,500

Rate $4.13
Rate $1.77

Taxes $7,413
Taxes $7,407

The above example is for illustration only and refers to 2007,


since the 2008 budget and tax rates have not yet been adopted.
If you desire, our representative will be glad to discuss your
appraisal with you. To arrange for an appointment, please call
(201) 867-3179 from 9:30 a.m. to noon, or 1:00 p.m. to 4:00 p.m.
on Thurs., January 3rd, Fri., January 4th or Mon., January 7th.
Your conference will be held at the Maywood Public Library,
459 Maywood Avenue. We ask only that you be prompt and that you
BRING THIS LETTER WITH YOU to identify your property. Please
see the enclosed pamphlet for some commonly asked questions.
'"nl~

., "t 11 ><: ,. 1 '''''' ''"'" r't''''!'' ,,.,,, w ,., ttN'''

n'''""''""''''' '"'

tn

ctbove: Another e~~inple, of ,a,:


letter of new valuation.

Realty Appraisal Company

Very truly yours,


REALTY APPRAISAL COMPANY

27

Public Relations

l'l"'lt""""

, .. ,,,

.. ,.,.

_I

Pamphlets are maHed to al!'property bwners.witf1


the value notification letter.

Pamphlets available through website

http://realcyappraisal.net/pdfs/Oyei02.pd!

- RealtyApprbisdi'CornpariY
,

'i.

:I

"

',

'

'

'28

Public Relations

qBoard.OfTaxadoa.has

ordered a~ofd properties

ldn1rour~to cleteludoeiheir,_~'Wiue".
I.

':'1
,
, ,

:wh,w~fi _ ~wt~pni.als.11ectHatV? '.

....-IIf'ftt.,.,...,..._ . . !llfll:'

tt.MIUI..
' .. ..m..~oftlt.ftm.'

.... .

. 7. .How is !be .U nte determined?


"Totll Lw('

, 'Mertht~

'

'

'

'

'

'

'

,,'~wiil. l-ste-~-'".'esp;inetrlo'n.mym&ill? .. w.~:c&&

9;VIh.

:..

'

'

n..-.__...nltt~ Ml ... tla BIQ,you -~we laJitiy.liMflrtf '


, ~,-tlwadtMrmlllt&ll,b4qn.411pdbt.
',
.,
.

::.;:..;.:.~.,;""

''

Does tbcl aew, acm:smertt make my property taxes go ,ap? ,

"

'
'

''

'

'

t.m ynr't ..-....Dt WH lluM u~ 1 .ftftllltiotl tl' ,._...Itt 4ollt IHafYMI't II!'- Yaoraw
'

wtiRtd .,.tlltMIIIIIyflw bud,.fh UCtUIIMIIfl.wiU b.-.iiDII


-tor puWk 'llllftdMaat tlthertM Tllw Aamot'l tlfiet 1M' tiM Offlc. .t tM COiwlltf Tu Blllnl.

.... -nJ..~,.t~..uw-,...

t-...ofiJUIIonaurrut,nlllll.

tum tf rHdi~lpaL DDIIIIty ull toN~IIraligtft} llythl

~-~ludllt"(~Ttwn'totd~).

, . 1M Mf,tdttlt llllrilet Nt~ dgniAoutlf dut tS.tlut nnlmioo ulll

4 Why_dld iDy.a~m.nt eltl.tSe Co il'lucli_dnce latt ytlr?

. .

a Ct~:J SICI'otbet ft~


3~Smont$'in tnf ei~-m~Aity?,'
g,-.

I have , lmPfliYed my h~... since the rail .... ,~ why IS It higher?

.:,

: ~ .,.. comw 'tu Nan fttmnlllttillt Tu Rat.. n. Tu hN clifllu tht

.-;rz,a;r ,-~;a-ulsh~caml-~~-;tlttNtetltt,htll~tWu.'~.~Htasnlm.'

.........

'

-~fllf_nf~~ttwtNDhmllllf4 ~tlllfy:afllg tMfltcmt\ll,..Mitk~Mtiod& :,

'

'

'
1

2'

''' ' -,! '


' ".' '' ' '
'
6' 'What
.is the ~atftOse Of the infotmal ~eatings?

Shit bw ..,.m.HMt,tft ~r+y "'""' ~ 1100 flltthm' tfthe


, Mllllldptllty't tu 11VY.:A ptl{rtl+(1 ftlr llwlls tuM t1 ltc 11aiwt 'fila. . ,
' a.-,.1 wfytlt lN d!owlt !bat --~ptttltt'""' fiYlllf..,. or ltuihb
111tltflllttllan,.rthltu ltty. To OOMttlhil pnltltto,we tttllllthitf.
' ;

..ii.
a..
n :m;::~~.:P:~::~--.

.'

,.

ot -wrilf. lhwllf'JIIrtr uwti'IMI!tt 4o HtutoMttlcotlf nnlt kt .,IMt.ptettrty tutc.

This b huun whlll ,.-o~ Vlllllt p-up,.tha tu'ntt uiM tt R!OIIIttt yourtu ~MI ..II p
,.,~r.

http://realtyappraisal.net/pdfs/flyer02.pdf

29.

Realty J\ppraisdi Company

''

,.I

,,

I'

:,

, ..

,1''

'.

Realty Appraisal Company


... serving New Jersey Municipalities since 1934

Residential Sales Data Sheet


Qua lifer:

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

-~-~

''"1'1'""
1,"1

I 1 ' 11

l'li'lll''"l'lllo'1"11'i':''"llll':: 'I'P'''['"II''"''"'

..,, '',

''',

1';,-'

.',"

',.

'"

':

",

'II"''"'
,.,,.,-., .,., . .,,

,above: Summaries oLrecent property.


sales are a usefultoolin public education
during the informal hearings ..

Realty Appraisal Company

,:

30

t1

-~

I
II

,.

I
i

-~
~

I'

"

-~

.,'

'
~/ ~~

~
1

100 08

~~

~,

,, ~\
~ - -~ ;:'

/QC

~.J

.SS

-.
.

""r.:;.o'
: ~I

.li..-1

E.B:-31

~ \ ~:

-~

~
....

... 54-

ZJ...

"c

"'

tlo.o.;.J so.o.;

l:r~r

.5J

7!:1.19

:l.f .;~~

"

.:,_~./ ~
7.'

150.38
~

~)

'

<

~~
.

'~i

, , .J '" 041

~~ ~

I.:J0!)'

~
'

!:-

J..
'~

150.57
,5'".1'$
100.38

75

!OC!

'

~,/

"'

II

7SM

"'''"I

100.52

s.uu lso.o1

100.1

' ';

: ' ' ' '

......

.,~-~ ""

~ 45.:;
J" 44.~"~
'
' - '

100.38

50.19 50.19
1DO.Jtt

~-\.::;:!>", ~I
" J1..''2J...
~\
"''
~2

""] .. .,
'

-'

...
!t ,.,,

~-

'

'

..
1~0.57

~
<i

..

50 g

50.19

".". ::t2: ~.

:~ 41.1~\-:!!~ ~.:"'1~

1C'J .3S
tlO 19

..

::> ~-~'

,~

100.S2

~-~~~-,-1--.

::'' :-: ' ' ': ' " ':I

E..'

;,;

' : ' ' ' ' -' ' .':: ' I ' ' '

,=~I

5008

.i2..'

100

~ .<aJ~

100.02

.d

2.J,..'j

-:T~'C'i1"'':"1'""

'

~.J

.21.

lOD.l:>
100.08

~
~\
-~
~
~\' ;x;'ti. -2l.l~\"~::n.'~.....
100 OR

'

.-.!.9.

10(1.()1':

e>:<Jl'P: I

'

JiL/

fa.zc

50.20

ISO

.,.. ,,~,:~~" ,

" ' : - :' " ' ' ' '

: -:' ' "

'' '

. Towh tax maps with sales data are also


used at informal hearings, so property
owners can see market transactions.

Realty Appraisal Company

31

Digital Photography

'. F'tlotos. digit~ffy. starMpeci With. elate .~r1d'


block and lot identification.

Digital photos provided

Realty'Apprcn.s.ol Co.m. pony

' ',

!. . . . . . ,

'

'

,.,

1,11

on a DVD.
32.

Forms & Summary Data

Realty Appraisal Company uses copyrighted forms to


ensure valuations are accurate. In addition, municipalities will
receive various summary data highlighting the processes and
formulas used in valuing the properties .

'I ''

,-1 ..

I '

'

33 .

THE COMPLETE FORMULA FOR DETERMINING THE NEW


AVERAGE RATIO OF REVALUED OR REASSESSED DISTRICTS

Any County

Any Town

Dec. 31,

COUNTY

DISTRICT

DATE

1. Total or aggregate real property assessments for the new year after the revaluation as

shown in column 1. County Equalization Table.

1,442,702,600

(A)

(Table of Aggregates)

2. True value of real property for preceding year from column 3, Table of Equalized

Valuations (School Aid) October L

1,411,179,691
(Director's Table)

ADDmONS
3. True value of assessed ratables on Added* and Omitted Assessment Lists of

October 1. computed as follows:

_$~~~~~~~5~,8~1_2,~9~00~.0~0~1--~~~~~16~.6~4~%
Total Added*

minus Net Appeal Judgments

Total Omitted

minus Net Appcnl Judgments

+ $________~3~4~,9~3~3~~93:_

Ratio from Table Oct. 1

* "Total Added" NOT Prorated


4. True value of additional assessed ratables other than reported on Added and Omitted
Lists (see paragraph b. page 7) computed as follows:

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

Improvements & exempt transferred to

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

-----------------------

demolition and taxable transferred to


exempt and reductions due to Appeal.

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 )

8. New average ratio from lines (1) and (7).

1,442,702,600 I
(A)

.1
1

t1

Realty Appraisal Company

1,446,112,984

------~~~)~~---

~--~9~9~.7~6~--~1%
2008 Page 8 Ratio

IIl!

above:The.Pages
Formula.

~I

* Reassessments
34

II

Forms & Summary Data

HOWELL TWP IMPACT

Analysis of Revaluation Impact on Property Taxes

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

CURRENT DATA (2006)


Tax Rate(AVERAGE)

$4.250

ESTIMATED 2007 TAX RATE


2006 Tax Rate(Avg)
Adjustment to Ratable Base
Projected 2007 Tax Rate

$4.250
2.331
$1.82

PROFILE OF AVERAGE RESIDENTIAL PROPERTY


2006 Assessed Value
$153,361

2006 Tax Rate


$4.25

Average 2006 Residential Taxes


$6,517.83

2007 Assessed Value


$350,668

2007 Tax Rate


$1.82

Average 2007 Residential Taxes


$6,393.49

above: Analysis of Tax Impact

~I
!II'
~
Realty Appraisal Company

35

TP"'
'"l'i

Zoning
Maps are
transferred to tax map
for appraisal process.

~I

I,
11

'.1

I
I

1,

II

I
~
'-V

I
I
.

---

I
~

li

'

i.
~

~.

Realty Appraisal Company

36

) )

SamplE:! of an appraisal
report provided at the
county tax appeal stage.

REALTY APPRAISAL COMPANY


HYBRID RESTRICTED SUMMARY APPRAISAL REPORT
Municipality:

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

To be used In support of oral testimony at County Tax Board appeal


Market Value {definition on reverse side)

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:

See reverse side


See reverse side

Indicated Market Value:

1042400

Jurisdictional Exception:

Blockllot!Qual

VALUATION SUMMARY:
Location

Map Sale Date Sale Price

Lot Size

Style

Page
Subject
672/24
1 WINDY HILL LANE
11-~--1-----------1
Comparable 1 680142
70LDWICKCT

106 08/30/07 1325000

169 X 230

COLONIAL

91

06/27/08

930500

1.560 Ac.

COLONIAL

Num Year
Unit Built

Livable
Area

Condition

eds Baths Sale Price


Per Sq. Ft.

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

Forms & Summary Data


REALTY APPRAISAL COMPANY

COUNTY TAX BOARD APPEALS FOLLOWJNG REVALUATIONS (Since 1994)

;:.::;:;

c"""'Y

:::::

'~;.::;: Un~:::ms

~v;:

u:.:::ms

I
1994

Moomo<rth

6,582

67

1,02%

31

37

0,56%

60

1.33%

_1994

19

~00

I
Ill
_1995

'"~'"

199

''""mt)

IMoomo<rth

I I
_199

3
~

""

_8(

3,466

_198

=!

I
I
IT~"'Ip

'"~"
IMonio

IMt

"
48

1,51%
2.03%

11
31
21

0.33%
1.19%

24

0.22%

I
I

IMoomo<rth

2.53%

v
I T>PP'" BorooOh

,I

"

~01!

1.21%

'I

=;

131

3.\lO%

IBorooo

"

0,50%

I
10,

I
Ooomo<rth

~
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

~..,.h
I

o.

1,

74
Monio

'

Monmo~h

Monmo~h

'

_2005
_2006

_34

"

_2004

2,10

I I
I I

~"'

31

;%

0;::

~
~

~
~
32

1.51%
1.'6%

_10

"
"

0.52%

1~ I

NA

II
Realty Appraisal Company

38

'

!
I

II

'

i
!

REALTY APPRAISAL COMPANY


COUNTY TAX BOARD APPEALS FOLLOWING REVALUATIONS (Since 1994)

'
r

,,

I
I

7.96%

..

2:;;3

-=
-,;;;rr
-,;;;rr

~,-

6.10%

8e

141

~"'%

II

=
=
I

II

II

=t! d

'"""=""

II

ttq

" ~

"
~

~
-,.

'~I

il

'

0.00%

I
jl

Jj

I.

7:0<i

11'

-0>9%

O.:lO%

5:74%

qJ

-.:21%

.I

3.30%

..,.,

~
~

"'

.. ~

Forms & Summary Data

1.57%

"

0.79%

3.61%

"'

2.20%

-=

=""

I
I

--...:;ee

""

,,.,.%

j]
I

2.9<%

--;;;;;;
;;;;;;;;;;-

--;;;;:;

--,;;;,
--,;;;,

I
I

I
I

--,;;;,

--,:;;o.

--..:

I
I

--;;;;:;

7:i6i

=i
9i

N.A

" ~

,.

N:A.

~
2.0i'

..,.

--;:so%

~69%

~~

""
Realty Appraisal Company

,,

39

Forms & Summary Data


REALTY APPRAISAL COMPANY
CHAPTER 123 RATIOS FOLLOWING REVALUATIONS

,.......,,

Reva/YINII'

C"""Y

T~oblo

Prl<XY'

First Yr.

UM ......

R""'

R..o
(P"" 8)

_b_IM1

BERGEN

,,. """'""'
"'BI-dC<y_

""

__ 2._,,

1_994

rm

''"'"'

Yr.Rlftlo

<7.24_

93.90

"'"
00.20

"""'
IS&

. l02.08

l01._l2

""

""

"""

Filth Yr.

'""'

.....

2007

'""

49.70

108.l2

___ 105.79

""

""

NA

""'

2.526

75.78

'"''

""'

'""

"'"

99.07

2000

2,,.,

""'

l01.8l

.. l01.5<

""-"

l01.57

NA

""

--"-""'

49.6Q

00.26

-"""

. . . .2

95.1

1995

3,308

62.80

95.29

2003

'-"'

""

Lldlo Foov Elorn"Oh

"'"'"
R"'o

- 97...

..~
I

...,

2ndY~

II

,.,_,h
I
I

.M

,.,

,.,,

......

"'"'

-"'"

-"'-"

-'""

7>2_7

I.M

14l.IM

'""

"-"'

60.53

NA

59.93

1><.90

10<.59

l00.05

99.53

100.55

I
I

,,~

..,-,.,

--"'"

'""
,.,..

_2007

''

_.,_,

2005

2,1

--'"'
ESSEX

I
'Gl~ rodgo Eloro"'h

,_,oogh

2003
2000

'"'

.....

""

""

9.L;l

I
I

MONWOUTH

'"-"

'"
_2007

.,._I

IBl-Elo~gh

"'
-'-"'

00.80

.....

'""'

""

83.6<

"""

98.03

97.50

N'

_105.03

106P

.,,1_9

a8A2

98.09

,._,

00.56

'''"

""

_gooo

"~

1.10

I
I

:"'""""" eoro,gh

""

2006

-"'

_3,186
2.

Realty Appraisal Company

76.08

..,.

"""

3.

IQ,::
I
I

...,

7l~

91.48

7S.l2

""

'""'

_ m.25

-'"'""
92.1

-'M<
~

__ 91,~

N,A.

'"
40

Forms & Summary Data


REALTY APPRAISAL COMPANY
CHAPTER 123 RATIOS FOLLOVVING REVALUATION$

-;;;5,
I

0,,

I
I
I

--,

;;;;;:

'

""'

"""

""

-,,.

""'

,_,

'

~~

'

'

-,

,,.

MO""O

'

"''

I
I

'

OCI!AN

NA

'
I
I

Realty Appraisal Company

""'

--...
~

41

TC)Wrl:

.,_
''"

""""'

__

1-"'"''"""~~-,-------------i

' eou.owd:_/_1_

""---

--
--

--

c; .. ~no

5~cK

7=011>

Y_.Dull1: - -

~--.r..

<4COI'I<lmeSIIII)

.,..., __ ''""--

, .. w..t~

s.. ~~om....,.KIIol""'

!bo<C<>r!V<I.rav

e .. Fr> NOI'H'u,_.,.,al

:t.~\IR.\0.21-

,. ,......

Ago: _ _ E1\'Age: _ _

""""
-
-
'""""
'""""

::...ou

2 .. Co-&oot;.

"""

...Jml4~Q:9.M;\

....

,,CI>noarete

Totbl:

,.,.,

. . -~~:r.._~
,..,..

'J~~"~!!ON

::.;-,.,.,

lllook;

~-

1="'-IWnfum
~ .. (lrr;llyHQI Air

, .. ~u.~ ...rramc

-210lndu.tll.ol

5-Po.lblklflldo

--

,,

.. '

...

..'

'

-~ - ~ .... --..
I ... .I.. . : .'
'.:_.J
I'

'l''

.. ,

'

;-,... 1

tllolfOtyQ: .,.
-:_.AU.I'IriQ:
+ ++
~Q;
+ ++
o.dtQ:
. . . . . . . ..

AA_.,

ll.n:nA~O:

'

+ .,.,.

.,.._

D:llwpol

:l;o>Fiood

-~

--

._,......

~ .. ,

I,

.. I

!liTI':2

,~:

'fltafiOIII!

""",..c..-.nc

~a,...""

:z.,fiOQd

6-Aoo...
~-Top<>
7W111Y
4oo-.canloftnii>Q

J>!

W:

i aG.cARs:

--

'"""""'
""'"'""
"""'
.,,_
l'ln-4lho>d

Rui-IKI

Realty Appraisal Company

. ,,.,_,,

Grn H<>lnl
Tenn ... (:<Kirt

l'llltA<id 1:
l'iatA442:

.,.,...

'

7-Ufllty'

:I~Topoo

...

""

1"r:a-m

(!'Mix,..,.: .:!I'll)
~Finllalnf

,.

~ 11.

Oep:

U!TIInKidl'lliloly

...

_,,...

D.ooi<L.ot:

Aoruor.
Tn.onot.:

---

("'-flx%.-g:.$ii'D)

f'rO<Itag~

T:

"""

'"

, r

""'
""'""'

UA

.., .....
"""'"""'""""'

( I'J.riK"lll.eQ:.Uo}

l'lnlooko<IAttlo

......,,...,.

'""""
'"'"
"""
"""

2nii-:Moryoti

...,.

AC

"""

"'
"',..,

(~'110~.51'A)

~"OOO:.;tf11o)

1.t\':ll>ly0M

23u.ryOH
Hallmoty ott
-I*!Gai'IIO<'
A-IMd Coorport

"""""'

.....

lluiiWI tnal Porc!h


Ollflt-lftOIUI"orob

--

!lulll-lfl ep.n Pon;h

fnol_.. PorCh

'A''"~~h

. 1&6~~;

PropertY is evall.l~~~d
using a comprehensive , form
assuring accurate and uniform
data collection.

42

HAI'I~CIOOA~

IIIOol!: 30
l.<:li:
4~

l.Mnd D""":6JlOQ
llldg Ddo:3$f
J,4d!L.olo:

...,..,..,"i

Qw!!'-

~~ . .d;.nltlt,

--...
~

3~

Cl'ty&lll<llu:

Prt?!lmw.u

:C!ua 7

J.U}I.~..t!,IJJ,OW..

........, .. _____ - o.t.

-r)llQ

,. .

:tll''llf_~~

M.o.R,IIAt.l, .JIM J

"

59:: 'o1;11:T

,......6-~t.n~O!IY

"" ..,N"~-- . Y"I-'


I

~y

,~~~r::r;~ ~J
I.M~.:J"

ZOO}_;__~!o~~~::
~

''

:!..-'9

--

..

~----

.,
""

I lCT!~)

__ r:-~----~~~):.;!1}.1S 1
1n
Oi>!
r~r Df'P
O.IZ
1.00
1.00
1,00

l!tlok~

0.7$

1,00

Yell:
CI.~
J'n>rUI'tV.. ~>D:
-.vlll!lo;
Zo<o; R~
Lo\V.a.w.
MlnFI'Otll:
SO
$!tl.P!IP1h;.,, .\Oll.....

z.

><lw;.ooo ..
~.ooo

o xi,)O x1.1l0*
Q ~\,JO ~~

1~"

1DQ"

,oo-

0 ~1.JO xl.OO>
o ,.,1,30 xl.Oil-

1 1 x18?'l,OOO
, ~ ~10.000 ~

10.760 45<> x1.30 xt.OO :m'1


~.310

111:1 x1.JO l<l,QO

9'1:7

w10 14

:oAO:E: _ _ _ __
:RI!!lr.~one

not

f~el::: market valuo. ilt


___________________________________

Why property owner

corr~ct:

NEEDS RE-INSPEC'I'ION_ _ NEEDS DRIVE BY_ _ _ __


DlSPEC'rOR_ _ _ _ _ _ DATE/TIME _ _ _ _ __

N~~:-----------------

PERMIT I DATE DESCRIPTION

AMOtlN'l'

c.O.

NO CHANGE IN VALUE:

'>.'

"' ' ' '' '>'

above: An

INSPECTOR I

'- "" ' " ,,,

example or

' ,'

'residential
property record>card front and rear.

Realty Appraisal Company

43

I""'

~~==~--~
....-~. . ~
. . ====~. ~~- ~~~--------+-+--1
'"""''"' ....._, __ , ......... 1... ,_,.__ ,
"'1..-

:~~~~~::~~::i=::": . . '. . . .

/~.

...

.::{5~-

........... -

,,

,........... "''-'""

~- ~

~:.'.?.'.:U.:....'!>'''"'

~"""""'"

...... ,.,, .....,....


,,........
"""" .......
.. , .....
. ......,
......
,,,........
'. ,....., , ...... ,_ ,_ ............... .
~

' +- '""' I'._..,,_, ' "'",.' ' "''

:<'t.l>I<.O~t"'''"''''"~'

.........

................ , ..........,., ............................

.........
.. .....,.

;._

:.

,',

....,.....

--~'"""."'!'

"""r:l~:r, ': ~,~~:~-,,;-:1~"'"''---:~:~r-rc:".~"-'~-,:r ,.., ... ,~,-., .....

apoM ,&

'below: P.r1 e~ample

of :the .commercial I .industrial


property record card.

II

--

---

...

r----

;:;=-~~~tEl
.:-+ .,_. .

---'-,':.1::---+_----.~-.:j~L

.
1 ~--t
T"T
I.,,...,.,...,,,,.. ,,., ........ '"'"' ..........,,...

==t=_____

::;:::::.:"::c ........... :;:,:::..,....,'"'''""''"''7-<;; ,::.:,

II

"_)_;,:.q,."""

:::_:-1
--

"'"'''" , ... ,. .:::;.::

""""'"'''".,
'- ........
.....................
'

""2"-'.'~~.~

..... ,...
"""'"''""""'""'""''""
...........................
"""''''"''"''''""'"'""''""
,'''""""""""'"''"'''''
......, ....,.. ,...
,... ,...... ,...., .
,.,, ..
"" ..
.... ... ,.......
.
..... ,..,., .... .. . ,.,_,......
"'"'""'-

,_,,

t:tt:.'

Realty Appraisal Company

;_

,_

ll:J;;';:;;: :':, .:: :'c:f' .......

1--1

I
I

.. j

i~I

i!

I"
Q

44

;!
'I

!IUlLOING

~CCt~$Q~Y

COOtS
Qv.>l l!y

'''"
~001

110, of. Un>!'.

Auto. Svi~O'~<I PPd~Hr1on Poor

St>02

No. of lut~

A"ro, St1~,.
~" 'U'Nl"

$00$

N<l, 01

~004

10. 1>1 ~uh


Olo. of ~or~
.,., ot ~'~
r.o. of O<><tro

lt<'t!t

SoHl Puroo" D<>Oro


~~(l-1r~

l>~d~otr~

Deal'
Ocor

WoOd S~tt>onl l"du-'il Dtl<>'


~~ .. ~~ Srct o~l lndu~Hl lloo
5tt Rot t~ .. o !<"'du~t l.>( Poor

f'l<>~ur~

SilOS
SOC<>
SU07

$t~t

~1'19"' Do~r
(\,.ctnc Doo O~rtor

~d1uH,...M~

ftnor

tonut Sial>

- ;c;';I"IWl'!:" 1 il';lf'

y ,;.c ..,;

sooo

...... , , Ul

rfght. & . b~low: 'An


.~

exampi~

of the commercial I industrial


property record card,

Oulcon.,~

Woo(!

<><~

fte><>c

S,f, P<'<)

:;.r.

~""~
Oo<:H' M~~

S.f. D'>OC AN
~.', PO<> A,,.,,

No, ot

SO~

No. el fl 'O"t'

'l'llnt~

rso~

>!<>. of

C$04

~.

~ n>g~t-.

"''

~.

ot

s
s

, 3, 5

1, 1.

1,

~.

'

~- ~
3, ~

Co.,crPt~ fl.l~ony/0~

n~~to

1,

U~>to

Ar~

rtoN

S,f, fi1>1H M<'.o

IAQJ

S.F.

'"04

~.~. no"'"""~

OD01

$,r.

floor"-'~"

1, 3,

1' ], ~

1, l,
1,

~. ~

~.r.

~\no Ar"~
Fl~

v~.

aoaJ

~_,,

n..,,

f(;01

S,f.

Gr~t\"0

no~
rGo~

s.r.

"'"~

1, 3, 5
1' ~.

1, 3, $

Ooor Gr.nno
~rAt>ng

StoL

At~~,,~ .. c~~~~

~l< 1( Grt "'~

~oof

""'!"".,..""

...,

5.f. C.-.1

\~<;>

Ar.
Ar,

G~nnq ~r.

~A~1

s.r.

R0<:1f

>tvY h.Or

~~02

~AQ~

s.r.

'R<X>' "''~"

''gM '"ood

'""''~~
L~P(I

(..>lv~n

St,l

~AO~

e....,.~,~ st ..~\
!Mul~t~<l

So"""'HI>

Cat'>OC'"'
w~~

$"""

~ood

G\ u~LJ"' II on

Tr.,~,

~<>O'no

Tr""

St,.l

~'r-<oH

co~trot

o~"" v~"'''
C..~ Tyo

~"'"'a

""" ~""'
a~"" ~~'-t t

$.F.
~.r.

~of ArN
Roof M>
~.f. t""ot"~ "'

w~01

$p,on <lldth

SJ. RoO! M"o

WRO;:'

$pM W>dt~
Spon W\<lh

~.1.

SP~ Wi~th

~.F.

evo2
"''
MOJ

TyO" e""' v.. ut t

Co~ ht><' VAvlt OQcr


~~<Ord Trc Vau\ t O<lor

ow n"'""~'

~V04

~""" Aqn<>r~

brl~..-ln W>n<IP><~

rn;,,.,.,~~

(U01

~.

1, l,
1, !.,

1,

Roof

...,,.~

~.,, M<H ~"""

Roof Aru

.....

~ .r. floor
"
$.F. rtr Ar~"

s.r.
~.F,

~"

.O.<N
Ar~

1, ~. $

1, 3,

RA08

""'"
'"''

s
s

1, l.

Aru

1, ~-

'<<X>l

~ .. 07

g,.,,.

Ar~a

~<>Of ... , ...

1' 3,
1, 3,

~- ~""' ~'~~
s.r.
Roof AM

s.r.

"""
"'"'

~"l

~"~'' Con<~

~<><>~

~'

~A04

I~I

.,.,"
.,.,.,

it

f
f

.,
.,".,

I
'

\heu S

s.r.

s~o~

St~ot/Concrt~ 8\~ony/0~<

.,""

,, ,,' ,~
.,
'
1, ' 5

1, 3,

Dcb

~~~o~y/t>l-<1<

II

Ad).

Cod~"

,, 3. 5

(~01

r~Ol

D~ ~t~>Qr
~r1nlorctl (O"''"t~

C<).floot

T~o

1, ~1, ~1, ~-

of !)Qor

f"-01

r(<>

Wo<td D<"O floor

""'"'"""

Lroto

,~.

hHnor ~'"~

ol<:>od ~t>r~
~lnior~~d '""''"'"Sui-.
$t"'"l MIO ~ontrtr 51'"'
St<"<"L St
'

On

,, 3, ~
3, 5

1,

1, }, 5

' 3,
1' l,

s
~

1. ~- ~

1. 3,

~-

,_
~~,,

1, 3, $

No, o.f lJr'l>t<

.-----------------------------------------_JL-c___:'~:c:~::~~~~~:c------------~':':''e-_:'"~'c'~~~~---------------', ;: ~

t:

.,
~

""
"
""
.,"
"

"""

~:

"

,,
~

""

II

,,'"'

li

Y~.

y~~

"
"'
"
.,.,
"

!I

-,;c:

""' ...... '"''

Orr)or_.,.,

r 'o)!

..... ,.,_,_, ....,..

' . . . . . . . .o-. '. '"'"''

">''..\J<Lt<'

l '''- .... ,

' ........ ,.,C ~.>

""'' .................
.......... ""'""''"''""'""''''""'
... ""'""
",..,
--..

~""",

"

'

;.......,

....... , .....

b>l)r.-.o,.,..,~

cr '"' " '

i .:x.,

::- ,: .
:;:-l.:::J.L_'="::::::::
L...
1''~'"'"''"''"'"'""''"'"'""'
',.s:!'"""
........... ;11',.,..
.. c
J.,L

'~""'""~''""

Realty Appraisal Company

"''''

'"""""'"'"'

:~

~- ~=II:~:. ~

... ,.,._ .

~,..-~.... ,
... Q>l ",,.,,.
~

'~

--~

.,,~,,.,

45

REALTY APPRAISAL COMPANY


TOWN: ANY
BLOCK: 454
LOT:
18.01
QUAL:
BLDG: M

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

BASEMENT WALL RATIO: 0

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
+
0
+
+
0
0
+
0
+
0
+
0
+
0
+
0
+
0
+
0
+
0
+
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 :

TOTAL BASE COST:


COST CONVERSION:
YEAR BUILT: 2006
EFF AGE: 1 (Y)
EFF AGE DEPR:
2% Y PHYS DEPR:
0%
FUNC DEPR:
0%
ECON DEPR:
0'
BUILDING APPRAISED VALUE
DETACHED ITEMS:
PV05
PAVING
ASPHALT - AVG.
TOTAL DETACHED ITEMS:

07000

6912
4800
4800
9600
12
9600
9600
4800
1
2
4800
228
120

COND:NORMAL
NET:
NET:

@
@

x1.00~

X1.00~

x1. oo~
x1. oo~
xl. oo~
X1.00~

xl.
xl.
xl.

oo~
oo~

oo~

oo~
x1.00~
xl. oo~

xl.

49824
19630
32592
27840
31776
8100
21600
9312
8592
26750
3800
7680
1293
1428
250,217
703,109

2.81
0.98

1. 00

5000 @ 0.51 x1.00 @

689,047
90%x2.81~

TOTAL BUILDING VALUE:


COST/SQ FT:

VALUE

6449
6,449
695,500

(SHELL AREA:

9600)

73.24

aboite: SarTI pie reproduction c()st estirTlate,O~ing, New


Jersey Assessor's Manual for commercial; industrial
and apartment properties.

I
!
,,

II'

Realty Appraisal Company

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

Fireproof structural steel frame


: 26,132
: 3.00
: 433

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

Cost Data by Marshall & Swift

~bove: Sample Marshall and Swift replacement

cost estimate for commercial, industrial and


apartment properties.

Realty Appraisal Company

47

REALTY APPRAISAL COMPANY


27 MT. OLIVE
BLOCK:

PROPERY CLASS:

LOT: 9

8300

NO. APTS:

ADDRESS: 434 SAND SHORE RD

4A

NO. ROOMS:

GROSS ANNUAL INCOME


202,423

BASE RENT:

85,352

ADDITIONAL INCOME:

287,775

TOTAL POTENTIAL GROSS INCOME:


LESS VACANCY & RENT LOSS 5.00 %

14' 388
273,387

EFFECTIVE GROSS INCOME:


EXPENSES:
PAYROLL & PAYROLL TAXES:
FUEL:
ELECTRICITY & GAS:
WATER:
EXTERMINATING:
REPAIRS & MAINTENANCE:
RESERVE FOR REPLACEMENT:
INSURANCE:
MANAGEMENT:
LEGAL & ACCOUNTING:
GARBAGE DISPOSAL:
GROUNDS MAINTENANCE:
MISCELLANEOUS:

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 %

TOTAL OPERATING EXPENSES (Excl. R.E. Taxes):

-74,734

OER (Operating Expense Ratio): 27.34 %


198,653

NET OPERATING INCOME:


($ 198,653 I

MARKET VALUE:

9.05%)

2,195,100

NOTES:USED ACTUAL 2006 I & E

.~

CAP RATE:
TAX RATE:

7.00%
2.05 %

EGIM:
8. 03
(Eff. Gross Income Mult):
VALUE/ROOM:
VALUE/APT :

above: In~~me capitaliz~tion appr~ach for


commercial, industrial and apartment properties.
Realty Appraisal Company

48

I!

~t

...1--1<>.14.,_,,__.,.,,_
..... (1,11>'1 ... ,...""' ........ . , , _ , _ _ ....

ll'l

..... '~

jl\ooq--

FOR
!U.U. ,..,_)

___.,...""'--------""n------

..
--~~~~~~~-~-~~~-~~~~

PART

1-I'~Of'l:lffi'

..

Forms Available through. website:


Income and expense statements. for
apartment 'buildings are recorded
with these forms.

APARTMENT PROPERTIES
~!I>

...

..

ANNUAL STATEMENT OF INCOME AND EXPENSES

., ,,

""""'~._,IIJ"'I-1

(I

JDIIHTll'lll4l'ION

,.....,.,..,_

M_ot,.,~

~."'p""""''""'-PART

II

~-I'MOI>i;IITY ~4'!'10,.

......... Of..,._...,
2.T01At""""""'"'""""""""'....,

..

~I

l!.'lypeoo~-01'""'"'

1>0..,

11>oo0r

... r....,"""'""'"'-""oootu-"""'""""'
:-.:::__. rn--

,..,(_fy
'----lr-OO.ocf.'

I!

.... ~~-=-~:-----

-;:-:......

(11-<l'loei<ltlo--...,f

Co<l!I'AI il<'~r!O ufli!


!l.l;loo...,..l-oP-)'!<>thOorl

lodMduol -~ ..,.. (,.o.j

ContrU """""'""' ""

t. An""''_..,..,..,LOMoW<n-[Wyoo._P\<.....,IiorOI\IIlllo) _ __
1.
ll> ... ~ -11"11 pr<Mdocl""'" u n l l o T - - - -

r.10. _,
g.o_ ..._ ......

(II_,__..,_ ..,_,
...
....,.-- .. .,.. .............~-"""'-----

_,_...,..,.._por10<100~0(00Q>otl00fl""~"'ll>o""'""'<i>""'"""--

"t."':~:;.:. ~.,

COMiolltN

_____
_ ...

PAI'I'l'-I<ITIOHS

'GN>IIomoiii>OO_,...,,,
...,,_ ...,..""'-'"'-.....,In,)"'"'"''-''-"""~r... taJt
'""'"' """ool&n_,....,~om"""'kiiHIIrii:IUole<l.
~Qiho<I-,.,_......,_,

,_gao _ _
; 1 . -....

...

OTII~

__

ll>uompiooOI"""'"""""'"""kl'-...,.,IO'Ioon _ _ _ ft11m

pw-""""""""""-.... _ . . ......,..,_.,...,_., ____ _

,.,.,._to_l<,_n""'-~--~-

- ..... .... ....-..........


,..-.....,IOM...,t:IO-..
... """'.,.......,.....,..,...,_.,..,,._.,..._
..
""'-""""_..,...,..,_......
......_

~--

~-

ot-""""'""~'"11>""'-'-""'tflo"'ol

"''""""'...
~:!

INCOMe \-..... Doolin-

..........,...

,,....,..O<<IIlory,.,.,,_...,<>~ll>o"""...,"'II'"I""""'"G--ev

_ _ ..... !>.
-f11110nlii.,.I'MIP-.OI<I""I-C".atly1tOI'n_
........

I.

-.ooHQT~r.o~"'~---

---

....................
ROfflol. '
"'l!>_....,
" - ro- ..
""""'"''"
,....... ,.,,

:.r"'""'"'_,..,...,..

-"'-"""

:.. T<>1ot """""'c..,.,...,...,..

rMT 11-llT.rlflloWI'! Of' Cl(I"'IOIOU ( - Dotr-~


llobt>wiO"' .,_..,._,.,.,.._~""''up~-"'--""""<>!""'.....,""'!>"~ --t<~o-
""""""'"'""_...~~--"""''"""''''10<1,-"""'"""'"""""'
ll..._lO_U.OI)'Poool-

__...

ancl!lio>_.,.n~T"""""""-"""'"'""'""'I>OI<lWI"'""'-"""""'pofi<I<I-""~'"'-"'-~""""'-

10.J-""""""'-"''-..,''"""""""''""""""""""uo~v.
r.....-.-""'"""''IJIO"'"VI><>,_do""'Y7~
Oo nol 1noi..Oo <" too.J .,..,.,.. "'"'....,~ '""" 1P ,,__,.,.., .. ,.... ...... _ , <M<I"IQ '""'...,..., -<11"!1 poii<td. I! J>Ol'illr.g '"
""""-:-"' -~,_,...,.. ""'"""' 10 #:1,00!>, 11>0 ,...,""'"' .._... ....... ~"" ~.00!>. (s:!'I,OilD""

OCI'IIN=:B (Oo ...., ln<ludo ~"""'

'"""-;;;;;"~""'~'"'-""'- - - " 12 -

,,_..,._;;;;;.,.._;;;;;_;;;,;;_;;;;,;;_;;;;;-----

http://realtyappraisal.net/pdfs/iefapartment.pdf

--
-...--(.,.---- _

~-=..
-.Jo,_.......
...
......
)"0"1)

1 ,....,.~

o ...a-o)

_ _.,._ ... _ ......

~.

~----"-"

""-- .. - - - .... - - ....

~---~

'-----

...... _,._.,_,,,...,_ ............


....
........_____
., __ ,_
....................-. .
~~-.--

-~--

"-"''~II tno>t """"""" on""'"' -'"1'""""1 .. -----.... -

...... _ _ o,..-nco "'""',....


'lubbi&l> - I l l _

...................- ... - - ... ,.. ,_.... _ ......... - .............

s.- ............. ____ .. ,_...... -

....... _ .......... -- -

f.x""""""llflll - .... _.... _,_ .. ___ ,......--------.. - -..

~.....,ty .. ~-----"-.;.-~--- .. - ..--..----

"""""'" ------""- -- ..... ---. - ....- ...-.----

Qooon .. o .....................................____ ... _ ...... .

T.V. _ , . IC"'I0911 - .. --------.. -

...

.. -

3. T'*'o'""_,,._ o,._~~ng ~- ----..,.-~

-woancrm..,_..,,.,...,l"l!l,
" - - -..---.......
p...,,
... ""d
.. - ..
---....
____
11-"'"'<0~ ~

-----~------

~~~~

Yom""" 0'"'"""' ,_,.,......-.--..-----------

.(.

-Oil"""'""'""' -----.. .--.-.. --.--..-............."----

r~ ot ........,..,_. e -

,.....,. ----.. -----------~M-~----- .

PAAT 6

T""omcloorl _ _ ,..,....,_..,.

Sl(l.NII'f\I!UI loHII
"'""'-~ov-lao<r

Vlllti~TION

DVO.W.!Nitlhto""""'li"'*"""O

on~--0

........,..,..,d

...
_,.!,....,._...,,...,llr'""'"""fO..,._orm~."""""''"'"'""""--~--.n
\l>O-miO-!iYOI>"'"""<>1...
..
.... ""'IM>tln<o!!Oo>-f!ll"'\l>O""'_.
UioiOV.~ -.~IO<Jo0Wollatlkot>-<I""
r.q<llllto""'lel>O"otlontl'ltlt"'""'OI-I>Onook"""'~

Realty Appraisal Company

49

"""'I t.O IL.~UI-1-AJ>OII<>oOIO l<t "" pt('l"''""" ..,., U\on a0a11""'n"

IKJ
(

'""" I t~ il.P!J..I .... I-MOO""'"'"' 10 OJWO<lo01 p<0-0 ~

}6~m~ Avai!abje thr~:~h ~~";'s;t~;

ANNUAL STATEMENT OF INCOME ANO EXPENSES


FOR
INCOME PRODUCING PROPERTIES

Incom'e' and expense' statements


for income producing properties are
recorded with these forms.

Mow.. 1>0rl<>d ~oliOf'Hng _ _ _ _ _ _ _ ,,nd -~ - - - - - - -

J>AI'IT 1-PRO~ !OCHTIFICATION


______________

llll>c~(1-----1A>~)

_ _ _ __

""Y>------------------------.A,am.,.o<>l Propo,rt:r-------------------------i>ropoor~y ~""'(It

Own.,..oPrw>,.l>lum!I..,,O.,ylt""'J - - - - - - - - - - - - - - - - - - - - - - -

' v...r 01 COilattuctf<l~

._...... ~ .. ,... _, ...

2- Pn!l:l<>mlnl<t 01ory ~Wgnt Ql ~uk:ll!lc

l, r~"" aro .. Hoor ""'n 01 on noon

"""'L><l"'l! bo""""'"' ~"" ""'"'"0 ~

~. So"'""' f<IM 01 bl"l'mtlnl """'

:.. Pt10<10moruJID -

Jl<l<e,

01 bullon~ 11-

on~."'"'""""""

oto.l

II. 00*0 IIWI D~i141110 l'lllvo "lovlOt '"""""' .,_,.,

1, TOIOII nllfOlDIIr Ol '"""'' u"'tll ........,.,_.,......... ,..........

PMT

~-4TA.ll::M~NT

(W .:XI'ti'<lll:ll

a,...,.,,.., "" CoM~!'"""" "' .....,_,. "' c..,-,....


.. _,n_...,.,_..,<ll,_l ....... o<I-OV>-ol._..,
_k!< ..-11>,_,. Ao IO""tootJ< H..n~ olo'"""'"''""'"'"- 10010 """In

om-,.,..,_
.,_

~-~ft<IO<I>O.,._di.....,.IIIOiote_.....,

ouou 11>

'"""'""'..-""""''""''"""'"'""blotot"""""'"'""'o'""'~-""-"""""""''""""-'"

MIIT:l-tll'ATI!MI'NT 01' INCOttll!


Com- I~ NCIIOn onl

--no

..... or "'W<' ~-~-

~m.m-

trwo

110 HO'I'"'"""'" 1M11J .._,.. "'"'""~ "11>1> ..,_""""""' ..,.,.,"""'"""' , ..., """"oi ~>~""" _,_1<1, a ...
"''""''"
""'""'"'"""""' ""1<1'"" .._.,_ ,...,.,., ...... ""~n,.., to."'',.. _~"'"*' .. ..,"'-'""
''" ~ Olr.g,. 1'8"1 QUo., _ _ ... -> ''"" .,, 1>01 """'""" -...llr, """',.. pr.o-""' IO .. ,,_.., W A""""' I'""'

00 ompfoleCI

"''"""'"g Q\N~MIO,

''""'""""
oooo,. .....,.7,..... . on."""''"' """-""""'~ too~"'""" w~ oM...., ....-.. .... ""..."'"--"""''""'
60HO'I'Iool-oooO<Jol<"'"""'ll'l<l"__,ol'l<l"""<>rii..~""'"OI><''OIIOOO"-'li''O.I""..,.."'-"'""'.._._,',..,.ol
""'""'"""" ..,.,., "''*''"" ,.., '""""' ..,llbul..,. to,,.-""""'<>'-,...,"""""' ...,. ._..,..., ..,.."""""'""

Q,....-PooalllloflonW.--toiOir'HOIOIWani>U6!....,.,.,..1romltl<>""""lolo_a.. ~lflll>gln"'&llo""""lo1Q(I'IO-.
lh loO' fwUol """"'"' 1poeo ooouplo-d toy IIWI ownor ondlor !he ~uota~
""uld b<l iook>do-d

t.o.lotlon

-I<><'

""""-""

p-~

_,..

""'"0001'

10 I"" d&IINIIOn <>I' l::ooolotl"" lneomo pfO.Odlld on n.m No. g

""oor

lO~,...._....a,.,lenooatttJbutntllol<> ~clouoooll\

"'1>0""'

"lmlrucll..,.. ~01' Co~ Cl

--

-to.

-0<1

Oilier - . - . . ! l l f ' l l 10
Iron\ ......... .,. lhol <Ioilo"! 10 IPI<o OI>Ot&tiOfl Ol the f.al
It~ Income
Dy
1t>o ,.,., p~. b<.ot nor
1tOm
...,tal,
lf>cl-<~ .......,.,,
oo40 \0 Ioili,., IMOfft<l ,...,. Vll.-.:11119
oogno"" ""~dl!!l, pl>on ....
1-. elo.

_.bOn 01

<lorl\1<00 Olrocay

,...o:t>ll\0.,

opa<lo

QuompiOo O!'Oitoer ""'"""' ...,..ld

-"9

' ~-- -~ ,_ - ..-----..- ................... ......... ~~~

~. l:o<!alouon """'""' -""'""'""'


~. ~-laD<> l'lol\1

~- OIIB' '""""'~ ~-"""""""'"'~"-..

0, ToiOII)I MI'-'IJ 1 - """'"'""---....... ,

7, OIHoronce ._......... ~--- .. - ... - ..........

10 '"""" !001n!Oa<"la.. O<In1 Ol , . . . _

""""----- .. ~----
"""""-"'"""""'"'

- - - -- - - - - - - - - -

.,.,

~livo>lll

.........

II

,.,.~"""''""-""

..

.,. J"""""' ----------...--.. .


,,

.._..,

...

~ .... "'1

..... -....-

...................... ..

.....,_,,~

.._,. ...................,,.,..,..
U-OQ - ....

Vwrt""""""'

....................._ .....__., ...,_................... _==~~;:;:=:

http://realtyappraisal.net/pdfs/iefcommerciai.pdf

"'"'"""'

..... , _._ .... ,_, __ ,

~""""'"'"''""
~ """'"'"''~.
< ~M' ....""'""'"-01 -"'"'

.....

"''~"""'''"""'""''"

... '".'''

O.<';'W..II--1"""'"''""""""'''01
O!l;II... IOo ....

Ta"'o

1111"-~ ....... "" ..

--~-~----~--~------------~~------------------------------

COI.IP!.rtft ~ -~- IIONI~O TIIIJ <rrATIII.IIIIIT

I'"'Pif ~

SIQH ..TIJIIII oi,HO Vll'lli'ICATJ<>

T"" ...,.,_r>ed _,_, ~ndor '"" - - ,_.... """"' '""- """"''""""'"""...,.a.,.__"'"""""''


MIO
,,._..,
,.,.....__,.,.,._,...,,,...
.....,_,_,,_...,.,,,.,.,.IO..,oOM<<ol"lo""O~orl<lt>ol'"'

'""'"'""' '"""'""""' ..,,,..,__,IIIJO'> '""-V"" loio~-'""""'"......,"""l'""''""""'""'.. "lo!<"'l'<>'".......,..


""'"!'"""'~""'-"'"

IM1'11tomot""""" " " " ' " ' -

_...,_,,.,..~,,.-.,,..,o11llio1"'"'-oodj.-

Realty Appraisal Company

.. -...,,.. "'"'"'"""'-

50

PQ

()

'"""I 4 C.O(VMIO<I)-o<llfllloaloio lo"' P'" ..""' ~


~

..... , .. ~ .... ilP0-1 _ _ ...

,~.,

"'""-rMfiiA

........ , ... ,..,.,....,,.

INSTRUcnONS FOR COMPLETION OF s_c_t_t.~


Rmok dOW!1 611 cn

1YI>II ~

nonwl

p~o~ 11\nt t~o

P'<>l"""\y

lr><:l~do<... ll<oc~

dllltl"'nt

~not

""'"'' IIM<.Il4 Woo b<>

oro~ <l<!wr>. For _,mple, 11 tM I)IO:>erty ,. ~ ~ stQIY o~IG<> ~..Udlnc IU1d 1Mto oro~ 0111<1""'1

urut remot

~~111611, oa01> ""''' 10 ~"""d to ~ 1101e<1 oe;oal~t<;.t~

COltJMN 1-TY!'f OP' I'IC:NTAL. SJ>Aet

8<~ dCIW!I t~o typ~ ot roniDJ OP<>O< 1n1<1 .:>no Clltw tr>llj<,r oa\l'!le>l\<00 lo~lood below. 111M! Ol l<lnllil Zl)<)<lO IG
tM ~.., 01 thu opaoo. c~tevarl<l ~o oo ~lOW<'
(l ~

Store

0 - Ott""'
W ~ Wof~~~oo

Pu<no

I - lnduotrlul
A Ap.ortm""''

Not~ tr.. cotoq<><yl"'"l '""' ""~I"''"' ,.., uoo ol mlul


Q~ply,

- & ) '"" """' l>'OI>"rty.

pi<NI!K' i"IIOft I~ Pllri>C"IBr ~00 <>1 Ill~ ~p.oc:e.

11""""' Olll\o "'~~"'"'"

COl-liMN ~-t.Oc,i.TlON OF 1\i:NTAL llPACII


Lo.cnt>On or tanl>ll opllC\0 rok!nl to l~o toa\l<:>n 1n ttl<> :.Uiklln~ wnor~ tho l'flnl<ll npe<t I~ IIIUII..ct wllh "PP'f''
to'lltO<y I<WnJiol. Por ~""mPI,
(flnbol PIICO moy b<> k><l~lotd on IM bo-n~ ~rot Uoot, soo;cnd IIQQr, ete.

t""

,.. on ,..,..,.,lple to~<>~>.

"""" "'"

&d III<(MJn~ .'.!1'1 llooro.

COLUMN 3-::TATI.IS 01' OCCUPANCY


NUflle l<ml>/lt If p&eoo ll 0t;<>Ur>'8"

-rt

ln... rt

VII ,....UOI $1110<1 IO Y - \ .

CO~VMN -UHIT 01' RCNTA~


o,J"'t 01 ~\011 "'"'"' to unit on w!IOCh l!>o!o mM.ol protdtu!ed. O..low ""' dohr\ltl0<1/> 01 IP\ltl> 01 I'OI'Illll.

IOOit Jtoen\.lrbl......, INA"') '" a U(ljt nt ronllll IM:It ~..:lud"" ~ao ocoupl<ld Dy oKtrtor MtO corl'lolor "''lllli.
oom..,on <JO<rldn<"' oomm<><> relr<!Om <VI<! WMtlr<tOIII MM", nlo<two)lll. nr'ld SI\Qftrl dOYOIOQ to nlovator .ond

Ar

(l,...o Jl-l:oko
iOAAI "'o \IIlli ~1 rMW 1""1 ti\OIL!d""' II af<>O:I ..,;~<~orr<! by o;>ULIUd~ wail - p l tor
.,.... <>owpoed oy oto,t.-..lly:l. tllcwotoro ood (thalia.
~uu ~- Aru (PI'A) ~~

cr <~ammon

a y'>JI or

'<ml<ll

\hot tncl- 1h~ eW.tvo ...., of"'"""' ,..... ptuo an

&Uoc.t00t1

"'~"" to ~..ah '""""~

""""" 1.<1. .- l o NH (CI.AI oo ""M 01 rOf\IAI ""ed lor otnQI9oo<:O\Il>nCy prop.orty or tor O>O~y
~~~~co.

lrvo<>n tho apptol>"lot un<t ol nmlol \J\11\Io nppltc.o.t>t<> 10 ,,.... rotrtoJ !)CICa ror )'<>IN' pfO!)III'I)'. ~a untt ot l'fii1IOI
d""" MO\ IIIII lr\10 01'111 OT ltlo &bOV<J o:rolgQtiO!J, ~"" lntWrt tt"lo unl! IM1 ~PIIIIIln to tho> rniiiiiJ)IIQII. For
0""111010, OIMf UM3 t'Bl ,.y appty "'OIM~ !>"' mom, por ~1. PO!' ()ltr OPIJC<I, etC:.

C"""'"i()ltllef> 011- "'totoli)'V/~0\h~r

1)-.o IOU~

.. l:lroo..cton tmhM"g>'""K ........ I boolo ((ll\1)) 01 R ""I ... n\M

I>OW. ~NI'!D),

<;~rou ..,n101 l>aoto, til<> -or po.)l!l all "F><'"IIII\'1 """"n""" tontl<l J)I'Operty. ltn<l<ol'
tno I'Mtonl II<'Y'o rtllll>~ OpotOoll~ .....,.,.... If,. iuo<O<>Ittlit
U>eM two el ....
ln....,..Jilg tho w<~rd ":l~arO<f'', <>thrwloo IMOII elll"llP1' Of'ln or Nf'l!l <J..W 1n1o ool~fM.

Vnoar

b<:l-

nil\ ""'l.ol b&rol&.

"klo'""".._ ~- nQ\8 Qy

i'

C:Ot.I,IMN 11-$0\JAI\C l'l:I:T OF Rt:IITAL llPACf


lM-r1 1'10 tq..,.,. toot 01 reltUII $POCo on wnleh tl1o> rQ!\Ul.ll>l b.,.otd.
(:OI.VMM 7-eA:It: A.NNVM. 1\CNT"'J.
nua anru<<ll rentol reloro to IM ~o.rr.mt Qu&rl!nt<md l't!ntQI bftino r~ta~lved lor tile r<ww tii)BCO, S.e~ QnnuUI
"'"'Woo.~ I~ flO\ II\Oli,14<1 ~At'QI!I'tliiCA Md IICllilttkln Income lror(l ~~ 1'8tllal Ol '1>'1~ Jf til* Opactl Ia "''CCI!tl,
lmtort 1!-.o <;Urr.n1 """''kl tm !"" IM P"""

COLUMN

11-R~Al.IU:TA'I't:

llaoBIIllkm tneom~ flllmt to lncDrm:t lhat " teQOIWd ror o>ddiU<lnc.l ei!OI'l)OliO \III1AIUII. A prvr>otty ownu< may
relmbu....XS tor coeu. IIIICh ao 1n1111rnco, uttltlloo lllld Qll'olr ltomn tNtt moy 1le oj)CIClttOd ood<>r lfltl
te-. 1 1 0 ' 1 - lncomo" ...,.,.,..,d. ""'tOIOI amaunt altauld ~B 11111oru..:lln INs column arid" b,..,OH<klwrl

<>I thO ...a<llallon lngOfNI I\OIGd I~ S:~n 2 Qf ~ ~"""' "OINit 1000""'"

COLUMN 10-vu.Jt ~~ EH'I'em:D IN'"I'O


tnlor 1M Y""" tnat thB r. ... wp ...-cu\c>d.

,,

(:()~.liMN 1:1:-YU.R 0~ WT lli!;NTA.I.. I\1!Vl$10H


tnllf Ill& I...\ )'Oaf lflllllhO M/1101 w.. reviled l>o""U!IO 01 llf';ldVOI<Id OUIIii>OII. fOnCIWII\f., I~IJII<:t~ ""dlor

!t..t ~
X~~ 1:.
; !t'"

""'.

ir

'

olllM ... RO(IO!l.

.,.
,,

~~

II '
~

'

'

'

::: ::-

!"'"

~ ~

t:-

'

'

z
0

"'
c
0

%
0

%
m
m
0

;;
m

""'0

"
~
~

"
0

%
0

~
~

~~g:

$?:<::

:.~

II
'

0:

"'m

~~i

It

F~

'

sm

"'<

;
'

II

'

I\

,.

i
'

"'c

'. "

~=-.r

'

'
!
1'

I !'

I~I

Iii

'

~ l

~f

COWUH 11-YUJIS RMAINJNt: VNOfR LeASE


Entlll" t1t0 n~mbollr cr )'Olll'l tnot roll'tm on tho ~oo~~.

any

TAX C:ONTIUBIJTtON

~o,motk~M"""

A.I!::'.C. rille toU>o<more ot IM l'teol ~~~ Tu !>Itt In tho> """"'W I"'"' l>!lld by GIIC!'I \11!>11111.11 no J>D.\'1"1'1<111! WIIO

COUJMN -~U.TION INCQMf iOTflEh THAN Ri:AL C&TATE TAX CONTRIIIUTIONl

lw
h;

I
I

I'

~~!

"'

;;;
0

"'mc0
~

~t

:<::

I'
I

I/

I[
Realty Appraisal Company

57

',.-----------------------,1

II

"I
!

l Chapter 91

STATEMENTS BY OWNERS OF
INCOME PRODUCING PROPERTIES

..

,[

II

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

1'~

I'!I

immf'rli"t"'l"

http://realtyappraisal.net/pdfs/statute.pdf
Available through website
I

Realty Appra1sal Company

52

'

MicroSvstems-NJ.com L.L.C.

Software & fllFormatJOn Systems


Consulting Services

985

262/266

Noute
Bridgewater, NJ 08807
(908) 704-8862

NJ TAX ASSESSMENT SYSTEM


PRC-NJ
The PRC-NJ Property Record Card software system is designed specifically for New Jersey Municipal
Tax Assessors as a powerful tool. In addition to producing and maintaining your property records, it can
help you with Added Assessments and with a Re-Assessment of your entire community.
! Maintains computerized property files for instant retrieval and update of any property record
! Performs all necessary calculations of the NJ State Version ill Manual (Residential & Commercial)
!Tracks Sales History, Assessment History and Building Permits for each Property with no specific
limitation on the number of Sales or Building Permits per line item
! Draws property sketches and automatically calculates areas
! Automatically enters the floor area into the NJ State Residential Cost Approach
! Powerful Query and Update Ability - Search the property files based on any practical criteria such as
Owner, Address, Style, Neighborhood, Sales, and many more
! Completely Table Driven

! 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

Realty Appraisal Company

PARTIAL LIST OF INSTALLATIONS:


Berlin Borough Morris Twp
Brigantine
Mount Laurel
Burlington Twp Newton
Clayton Paramus
Clifton
Pennsville
East
Perth Amboy
Fair Lawn
Ridgewood
Fort LeeRoselle
Haddon Twp
Secaucus
Hopewell
U. Saddle River
Lumberton
Ventnor
Mahwah
Wayne
Middletown
West New York
OPTIONAL FEATURES
Certified MOD IV Center
Regression Analysis
Marshall & Swift
SPSS Statistical Package
Sketch Processor with Mouse
Data Entry Service Available

53

1:,;.1

Mo#e~.

I'

I,::.:....

.,,_,_1-"-=-'
J4r'-==
4'->=-----------------~

I,~,------------------------------------------------~~1
1:.

,;

',I

IL-------------..----. ----.."""'----------------------------------

('j

,.--------------------------

"

~I
~

-----------------------------~''

',

'"
~
i

=I
'

s';----------------------------------------------

&

----------

i
W;

~'

ill

iii
"
IJ

L_________ ----- -- ---

--~--------1

r,~

j,

'

I
I

'

Realty Appraisal Company

.:1

il

f~
~J

~\:

'j
;~:'

o,
~

4912 Bergenline Avenue


West New York, New Jersey 07093
(201) 867-3870 Fax (201) 867-0203
WWW.REALTYAPPRAISAL.NET