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

The project Management Team will be supervised, under the direction of Cindy Sullivan and Charles J. Femminella, Jr.

• I. RESIDENTIAL
  • 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 sales data map
    • 2. Inspect and verify sales
    • 3. Delineate neighborhoods
    • 4. Establish building classifications
    • 5. Compose depreciation schedules
    • 6. Name and quantify factors that influence value. (traffic, railroad, etc.)
    • 7. Analyze sales and create a land value formula for each neighborhood.
    • 8. Apply land value formulas, depreciation and classification to each property to indicate value.
  • C. Photography
    • 1. Begin photography of all buildings during winter and spring when leaves are off the trees.
    • 2. Use 35mm color film or digital as required.
    • 3. Provide Assessor with compact disk and programs to retrieve photos.
    • 4. Digital photographs to be downloaded onto Assessor's computer utilizing either software provided by Vital Computer Resources or Micro Systems 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 sales 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 problems etc.
• II. CLASS 4 PROPERTIES
  • A. Field Inspection
    • 1. Initial mailing to property owners.
    • 2. Begin field inspections.
      • a) List tenants and show location of each tenant on the building sketch where possible.
      • 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 could not be made in order to obtain an appointment to inspect.
    • 4. Provide data to data entry personnel.
    • 5. Notify Assessor of refused entries and 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 a 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 the return receipts.
    • 2. Enter income data into computer and print out spread sheet 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.
• III. TAXPAYER REVIEW
  • A. Mail notice of proposed value to each taxpayer. Utilize first class mail.
  • B. Receive phone calls and make appointments to review valuation with taxpayers on a one-to-one basis. Insure that enough time is allotted so that taxpayers will not have to wait in line to see a hearing officer.
  • C. Reinspect properties as a result of taxpayer hearings.
  • D. Consult with Assessor and revise property values where necessary.
  • E. Notify all taxpayers, who came to the hearings, of the results of the review.