Common use of Land Valuation Clause in Contracts

Land Valuation. The Company shall collect and analyze all fair market land sales and demolition sales that occurred during the three years prior to the revaluation date in order to develop a market data approach. Any analysis or methodology utilized shall directly correlate to this market study. The Company shall prepare a sample format to be approved by the Tax Assessor prior to the actual use in valuing the land component. The identification of market trends is important, and an analysis should be used to determine and document such trends. Analysis may include sales ratio studies, paired sales and the development of general, segmented, and stratified coefficients of deviation. Data shall be secured from all available sources, compiled, checked, and analyzed for the calculation of land values. Factors affecting the value of land such as location, shape, size, topography, access to roads, railroads, and easements, use, etc. shall be carefully considered. The Company, in consultation with the Tax Assessor, if necessary, shall modify the existing VCS’s and/or create neighborhood delineations/value control sectors (VCS’s) which reflect the division of homogenous neighborhoods. The Company shall value land utilizing the square foot area of each parcel. Front foot valuation method is prohibited. Valuing land under the front foot bases is unacceptable and prohibited. The Company shall establish site values for each parcel within the Township of West Orange utilizing the appropriate zoning requirements as a base, square foot area and value the square foot area in excess of the zoning requirement as surplus lands utilizing a minimal value per square foot. Any variations caused by parcel characteristics shall be determined as factors to be applied to the base cost to determine a final parcel valuation. Company field personnel must have sufficient knowledge and experience with valuations being affected by location, shape, size, topography, traffic, view, leases, railroads, wetlands, right of ways, easements and other forms of economic obsolescence. Conservation easements, common areas and wetlands are to be valued uniformly throughout the Township of West Orange. Right of ways and easements are to be noted on the property data file and considered in the valuation process. If applicable, Qualified Farmland is to be valued according to its land use at rates provided by the State of New Jersey and at its highest and best use without farmland qualifications. In such instances, two value estimates will be required. The Company shall identify, quantify, analyze, and value all abandoned Class II railroad properties located within the Township of West Orange in accordance with the applicable New Jersey Statutes. The Company shall consider all State of New Jersey Department of Environmental Protection or Federal Environmental Protection Agency Declarations of Environmental Restrictions, Hazard areas, Groundwater Classification Exemption areas and other environmental deed restrictions, all of which must be noted in the property data file. All land valuation calculations shall be recorded in the CAMA data files. All computations from the base rate to the final calculated value shall be shown in the CAMA data files. The Company shall prepare a land value schedule reflecting the final determined land rates. Said land value schedule shall include the site value as required by parcel zoning, value per square foot when applicable and any adjustments to be applied to the base site due to parcel characteristics. Upon conclusion of the project, this schedule will be turned over to the Tax Assessor for his future use.

Land Valuation. The Company shall collect and analyze all fair market land sales and demolition sales that occurred during the three years prior to the revaluation date in order to develop a market data approach. Any and all analysis or methodology methodology(ies) utilized shall directly correlate to this market study. This study shall be provided to the Tax Assessor upon completion. The Company shall prepare a sample format to be approved by the Tax Assessor prior to the actual use in valuing the land component. The identification of market trends is important, important and an a paired sales analysis should is to be used to determine and document such trends. Analysis may shall include sales ratio studies, paired sales studies and the development of general, segmented, and stratified coefficients of deviation. Data shall be secured from all available sources, compiled, checked, and analyzed for the calculation determination of land values. Factors affecting the value of land such as location, shape, size, topography, access to roads, railroads, and easements, use, etc. shall be carefully considered. The Company, in consultation with the Tax Assessor, if necessary, shall modify the existing VCS’s and/or create neighborhood delineations/value control sectors (VCS’s) which reflect the division of homogenous neighborhoods. The Company shall value land utilizing the square foot area of each parcel. Front foot valuation method is prohibited. Valuing land under the front foot bases is unacceptable and prohibited. The Company shall establish site values for each parcel within the Township Borough of West Orange Xxxx Ridge utilizing the appropriate zoning requirements as a base, square foot area and value the square foot area in excess of the zoning requirement as surplus lands utilizing a minimal value per square foot. Any variations caused by parcel characteristics shall be determined as factors to be applied to the base cost to determine a final parcel valuation. Company field personnel Land valuators must have sufficient knowledge and experience be familiar with the process of valuations being affected by location, shape, size, topography, traffic, view, leases, railroads, wetlands, right of ways, easements and other forms of economic obsolescence. Conservation easements, common areas and wetlands are to be valued uniformly throughout the Township Borough of West OrangeXxxx Ridge where applicable. Right of ways and easements are to be noted on the property data file and considered in the valuation process. If applicable, Qualified Farmland is to be valued according to its land use at rates provided by the State of New Jersey and at its highest and best use without farmland qualifications. In such instances, two (Two value estimates will be required. ) The Company shall identify, quantify, analyze, analyze and value all abandoned Class II railroad properties property for local property tax purposes located within the Township Borough of West Orange Xxxx Ridge in accordance with the applicable New Jersey Statutes. The Company shall also consider all State of New Jersey Department of Environmental Protection or Federal Environmental Protection Agency Declarations of Environmental Restrictions, Hazard areas, Groundwater Classification Exemption areas and other environmental deed restrictions, all of which restrictions must be noted in the property data file. All land valuation calculations shall be recorded in on the CAMA proper data filesfiles and carefully checked for accuracy. All computations from the base rate to the final calculated value shall be shown in on the CAMA data files. The Company shall prepare a land value schedule reflecting the final determined land rates. Said land value schedule shall include the site value as required by parcel zoning, value per square foot when applicable and any adjustments to be applied to the base site due to parcel characteristics. Upon conclusion of the project, this schedule will be turned over to the Tax Assessor for his future use.

Land Valuation. The Company shall collect and analyze all fair market land sales and demolition sales that occurred during the three years prior to the revaluation date in order to develop a market data approach. Any and all analysis or methodology methodology(ies) utilized shall directly correlate to this market study. This study shall be provided to the Tax Assessor upon completion. The Company shall prepare a sample format to be approved by the Tax Assessor prior to the actual use in valuing the land component. The identification of market trends is important, and an a paired sales analysis should is to be used to determine and document such trends. Analysis may shall include sales ratio studies, paired sales studies and the development of general, segmented, and stratified coefficients of deviation. Data shall be secured from all available sources, compiled, checked, and analyzed for the calculation determination of land values. Factors affecting the value of land such as location, shape, size, topography, access to roads, railroads, and easements, use, etc. shall be carefully considered. The Company, in consultation with the Tax Assessor, if necessary, shall modify the existing VCS’s and/or create neighborhood delineations/value control sectors (VCS’s) which reflect the division of homogenous neighborhoods. The Company shall value land utilizing the square foot area of each parcel. Front foot valuation method is prohibited. Valuing land under the front foot bases is unacceptable and prohibited. The Company shall establish site values for each parcel within the Township City of West East Orange utilizing the appropriate zoning requirements as a base, square foot area and value the square foot area in excess of the zoning requirement as surplus lands utilizing a minimal value per square foot. Any variations caused by parcel characteristics shall be determined as factors to be applied to the base cost to determine a final parcel valuation. Company field personnel must have sufficient knowledge and experience with valuations being affected by location, shape, size, topography, traffic, view, leases, railroads, wetlands, right of ways, easements and other forms of economic obsolescence. Conservation easements, common areas and wetlands are to be valued uniformly throughout the Township City of West East Orange. Right of ways and easements are to be noted on the property data file and considered in the valuation process. If applicable, Qualified Farmland is to be valued according to its land use at rates provided by the State of New Jersey and at its highest and best use without farmland qualifications. In such instances, two value estimates will be required. The Company shall identify, quantify, analyze, analyze and value all abandoned Class II railroad properties located within the Township City of West East Orange in accordance with the applicable New Jersey Statutes. The Company shall consider all State of New Jersey Department of Environmental Protection or Federal Environmental Protection Agency Declarations of Environmental Restrictions, Hazard areas, Groundwater Classification Exemption areas and other environmental deed restrictions, all of which must be noted in the property data file. All land valuation calculations shall be recorded in on the CAMA proper data files. All computations from the base rate to the final calculated value shall be shown in on the CAMA data files. The Company shall prepare a land value schedule reflecting the final determined land rates. Said land value schedule shall include the site value as required by parcel zoning, value per square foot when applicable and any adjustments to be applied to the base site due to parcel characteristics. Upon conclusion of the project, this schedule will be turned over to the Tax Assessor for his future use.