Revaluation Process

Within 20 days after the revaluation contract is approved by the State of New Jesrey, our management staff will meet with the Assessor to establish a Plan of Work and Project Management Plan.

            A. Field Inspection
                        1. Initial letter to taxpayers
                        2. First attempt at inspection
                            a) Leave call-back card if no one is at home
                            b) Leave second call-back card if no one is at home
                            c) Make appointments at a mutually convenient time to inspect homes
                            d) Estimate interior of homes not inspected after third attempt
                            e) Notify Assessor of refused entries and estimates

             B. Sales Analysis
                         1. Prepare data sales map
                         2. Inspect and verify sales
                         3. Delineate neighborhoods
                         4. Compose depreciation schedules
                         5. Name and quantify factors that influence value (traffic, railroad, etc.)
                         6. Analyze sales and create a land value formula for each neighborhood
                         7. Apply land value formulas, depreciation and classification to  
                             each property to indicate values
             C. Photography
                        1. Begin photography of all buildings during winter and spring when
                            leaves are off the trees
                        2. Use 35mm film or digital as required
                        3. Provide Assessor with compact disc and programs to retrieve photos
                        4. Digital photographs to be downloaded onto Assessor’s computer
                            utilizing either software provided by Vital Computer Resources or 
                            Microsytems of Northern New Jersey

            D. Data Processing
                        1. Obtain a copy of the Mod IV tape
                        2. Create a file for each property
                        3. Enter data concerning sales and print data to be used in sales analysis
                        4. Enter physical data concerning each property as data is received from
                            field inspector
                            a) Check field data for completion and accuracy
                            b) Establish dialogue with field personnel concerning inspection and
                                interpretation of notes, unique issues etc.

            A. Field inspection
                        1. Initial mailing to property owners
                        2. Begin field inspection
                            a) List tenants and show location of each tenant on the building sketch
                            b) Measure the area of each rental unit and describe its use and  
                                 physical characteristics
                            c) Make inquiry of tenants where cooperation is given in order to 
                                verify rental and sales data
                            d) Note extraordinary conditions
                        3. Contact property owners when inspection cannot be made in order to
                             obtain an appointment to inspect
                        4. Provide data to data entry personnel
                        5. Notify Assessor of refused entries or estimates, if any
            B. Sales Analysis
                        1. Enter sales data on sales data map and into computer database
                        2. Verify sales
                        3. Estimate sales price per unit (sq. ft.) based upon sales data
                        4. Review land sales data
                            a) Abstract land sale price from sales of improved property

            C. Income Capitalization Approach
                        1. Mail request for income and expense data to owners of income
                            producing properties
                            a) Follow-up with certified or registered mailing to those who did
                                not respond to our initial or second request
                            b) Provide to the Assessor a list of those who did not respond to our
                                 requests for income and expense data. Provide the Assessor with
                                 return receipts
                        2. Enter income data into computer and print out spreadsheet showing
                            various income producing properties and the rent rolls
                        3. Analyze economic rent, capitalization rates, expenses and estimate
                            net income utilizing allowances for vacancies, rent loss and expenses
                        4. Estimate value by capitalizing net income

                     A. Mail notice of proposed value to each taxpayer, utilizing First Class mail
                     B. Receive phone calls and make appointments to review valuation with
                         taxpayers on a one-to-one basis and insure that enough time is allotted 
                         so that taxpayers will not have to wait in line to meet with the hearing officer
                    C. Reinspect properties as a result of taxpayer hearings
                    D. Consult with Assessor and revise property values where necessary
                    E. Notify taxpayers who attended the hearings, the results of the review