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REA,LTY A~PPRAISAL co~ 4912 Bergenline Avenue West New York, NJ 07093

JOSEPH RUBENSTEIN (1934-19721 ROBERT I. RUBENSTEIN, MAl (Rot.)

STANLEY RUBENSTEIN STEVEN RUBENSTEIN, MAl NEIL RUBENSTEIN, SCRREA

PROPOSAL COVERING REVALUATION

OF THE

BOROUGH OF ROSELLE PARK

UNION COUNTY, NEW JERSEY

Main Office 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

A NEW .JERSEY ORGANIZATION SPECIALIZING IN PROPERTY VALUATION SINCE 1934-

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FOR

BOROUGH OF ROSELLE PARK

REVALUATION

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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 1 0:00 A.M

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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

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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: 0 3. Appendix B~ I~ List of Supervisors IX (0 4. Appendix C- Background Investigation Release 18: {;J)

5. Appendix G- Schedule ofTax Court Appeal Fees IX (ill 6. Certificate or Consent of Surety Form IX 0 7. Stockholder Statement of Ownership II<: Q 8. Listing of Subcontractors Ill! @ 9. Non-Collusion Affidavit II<: @

10. Affirmative Action Questionnaire llt (D)

I I. Statement of Qualifications Ill: <0

12. List of all key employees as of date of proposal Ill: @ indicating name and educational background

13. List of current revaluation projects under contract indicating Ill: Q

contract completion date

Ill: i0

14. List of revaluation project proposals submitted to municipalities within the past six months

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15. Copies of Financial Statements covering two years

16. If applicable, Vendor's acknowledgment of receipt of any notice(s) tll: 0 or revision(s) or addenda to an advertisement, specifications or

©, proposal document(s) II<:

17. State ofNJ Business Registration Certificate

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

REALTY APPRAISAL COMPANY Name of Corporation, Partnership, Entity or Individual

Signature of Authorized Representative

NEIL RUBENSTEIN Print Name and Title of Authorized Representative of Entity Signing This Document

November 26. 2014 Date

ANY CORRECTIONS, ADDITIONS OR DELETIONS SHALL BE INITIALED AND DATED

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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~2~6L1 ~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: ___ _

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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.

Subscribed and sworn to before me NEIL RUBENSTEIN, Partner

this __ _,2co6:.ot:oh=---- day of November 2014

(By)

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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 Complete if the vendor is one the 3 types of Corporations: Limited Liability Corporation Date Incorporated: Subchapter S Corporation Where Incorporated:. _________ _ Partnership x Limited Partnership Limited Liability Partnership Sole Proprietorship

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 .:,_7 0:::..._ __ ,; ( 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

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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.

Yes No, _ _::_x::.__ __ _

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? Yes x No. ______ __

a) If yes, please submit a photo copy of such approval. If no,

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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 ______________ _

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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

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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. 1. NONE

2.

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

NEIL RUBENSTEIN, Partner (Print Name) (Title)

DATED: November 2 6, 2014

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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)------------------------------------

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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

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

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.

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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.

IB.3 PREVAILING WAGE

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.

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.

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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.

IB.5.3 TIME FOR A WARD OF CONTRACT

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 !FICA TIONS 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.

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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.

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.

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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.

FACSIMILE DOCUMENTS SUBMITTED IN A PROPOSAL

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.

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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

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(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).

CONTRACTOR: ______ ~RE~AL~TY~AP~P~RA~I~S~AL~~C~O~MP~ANY~-------------

BY: ______________ ~N~E~I~L~R~U£B£EN~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========:__ __________ _

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REALT-1 OP ID· LL

ACORD" CERTIFICATE OF LIABILITY INSURANCE I DATE (MMIDONYYY)

~ 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).

PRODUCER CONTACT NAME:

M.L. Cutler & Com/any, Inc. ~HONE'· E><tl' 973-377-7700 I r~ Nol' 973-377-4867 25A Hanover Roa &C.. ... N.9.w •

P.O. Box 165 E·MAIL

Florham Park, NJ 07932-0165 ADDRESS:

Connie Wallace INSURER/$) AFFORDING COVERAGE NAIC#

INSURER A: Travelers Indemnity Co of CT INSURED Realty Appraisal Company INSURERs: Landmark American SHE

4912 Bergenline Ave, Suite 4 INSURERC: West New York, NJ 07093 INSURERO:

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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~~·

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Re: Revaluation of Property. Additional Insured: Borough of Roselle Park

CERTIFICATE HOLDER CANCELLATION

BORROSE SHOUL.D ANY OF THE ABOVE DESCRIBED POUCIES BE CANCELL.ED BEFORE THE EXPIRATION DATE THEREOF, NOTICE WIL.L BE DELIVERED IN

Borough of Roselle Park ACCORDANCE WITH THE POLICY PROVISIONS.

110 E. Westfield Avenue Roselle Park, NJ 07204 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

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I. Program Definitions:

BOROUGH OF ROSELLE PARK PROPERTY REVALUATION PROGRAM

GENERAL PROVISIONS

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

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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.

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.

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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

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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

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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.

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12. Insurance and Bonding

13.

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.

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.

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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 1 I 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.

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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 1 00% (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.).

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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.

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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

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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.

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.

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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.

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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.

Witnessed by:

Doreen Cali, Municipal Clerk

Witnessed by:

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

Borough of Roselle Park

BY:~~~--~~---­Joseph Accardi, Mayor

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

NAME OF COMPANY REALTY APPRAISAL COMPANY

BY: b NEIL RUBENSTEIN, Partner

BY: ~ DATE: November 26, 2014

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

I VACANT LAND 22

2 RESIDENTIAL ( 4 FAMILY OR LESS) 3 310

3A FARM REGULAR 0

3B FARM QUALIFIED 0

4A COMMERCIAL 180

4B INDUSTRIAL 24

4C AP ARTMENTSIMULTIF AMIL Y 35

!SA EXEMPT PUBLIC SCHOOL 7

15B EXEMPT OTHER SCHOOL 0

15C EXEMPT PUBLIC PROPERTY 58

15D EXEMPT CHARITABLE 7

15E EXEMPT CEMETERIES 0

!SF EXEMPT MISC. 20

TOTAL 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

2 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 $239,000 Line Item Total 3663

Contract Dnration (months) 12

Project Task Percentage Payment Per Month of Project Dollar Valne

Planning/Organization 5 $11,950 $996

Data Collection

Residential 50 $119,500 $9,958 Vacant Land 2 $4,780 $398 Class 4 Comm/Ind/ Apt 5 $11,950 $996 Exempt 2 $4,780 $398

AnalysisN a! nation

Residential 5 $11,950 $996 Vacant Land 2 $4,780 $398 Class 4 Comm!Ind/Apt 5 $11,950 $996 Exempt 2 $4,780 $398

Field Review

Residential 5 $11,950 $996 Vacant Land 2 $4,780 $398 Class 4 Comm!Ind/Apt 5 $11,950 $996 Exempt I $2,390 $199

Taxpayer Hearings 5 $11,950 $996

Project Finalizaton 4 $9,560 $797

Retainage 0 $0 $0

TOTAL 100 $239,000 $19,917

Per Line Item

$3.262

$32.624 $1.305 $3.262 $1.305

$3.262 $1.305 $3.262 $1.305

$3.262 $1.305 $3.262 $0.652

$3.262

$2.610

$0.000

$65.247

APPENDIXF

BOROUGH OF ROSELLE PARK

REVALUATION PROJECT

43SCHEDULE OF TAX COURT APPEAL FEES*

PROPERTY CLASS

1 VACANT LAND

2 RESIDENTIAL (4 FAMILY OR LESS)

4A COMMERCIAL

LESS THAN 10,000 SQ. FT.

10,001 TO 25,000 SQ. FT.

25,001 OR MORE SQ. FT.

4B INDUSTRIAL

LESS THAN 10,000 SQ. FT.

10,001 TO 25,000 SQ. FT.

25,001 OR MORE SQ. FT.

4C APARTMENTS

LESS THAN 25 UNITS

26 TO 50 UNITS

51 TO 100 UNITS

101 or more units

15 EXEMPT

*TOBE COMPLETED BY COMPANY AND PART OF AGREEMENT

REPORT PREPARATION COURT APPEARANCE FEE PER REPORT FEE PER HOUR

$1,000 $90

1,000 90

3,000 90

4,000 90

5 000 90

3,000 90

4,000 90

5 000 90

3,000 90

4 000 90

5,000 90

6,000 90

43

APPENDIXG MONTHLY BILLING SUMMARY*

TO BE PROVIDED AFTER CONTRACT APPROVAL.

Total Contract Amount$. __ -=-= Report Date:-----MONTH OF------- BILL NUMBER ______ _

PROJECT ELEMENT !.PLANNING AND ORGANIZATION (SCHEDULE E TOTAL AMOUNT$ ___ ____

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 2.LISTED 3.DATAENTRY

___ AT$:--­___ AT$:---___ AT$. __ _

3.ANALYSIS & VALUATION A.RESIDENTIAL/F ARM

AMOUNT REPORTED COMPLETE

_ __ %

___ %

___ % ___ %

___ % ___ % ___ % ___ %

___ % ___ % _ __ %

!.DATA ACCEPTANCE AT$ % 2.INITIAL ANALYSIS __ AT$ % 3.FINAL ANALYSIS AT$ %

B.COMMERCIALIINCOME!EXEMPTN ACANT LAND (SCHEDULE E TOTAL AMOUNT$ l.DATAACCEPTANCE AT$ ·----' %

2.INITIALANALYSIS AT$ % 3.FINAL ANALYSIS AT$ %

SUBTOTAL

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:$ _____ _

AND USED FOR MONTHLY BILLING

___ %

_ __ % _ __ % _ __ %

% % % % % %

*TO BE COMPLETED WITH AGREEMENT

45

8.

12.

13.

BOROUGH OF ROSELLE PARK ADDITIONAL INFORMATION

Subcontractors: NONE

Employees: (SEE COMPANY BROCHURE).

CURRENT PROJECTS UNDER CONTRACT:

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

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

14. 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

Signature of Authorized Representative

NEIL RUBENSTEIN, Partner

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 1 F: 866.420.4161 I 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.

Plainview, NY February 10, 2014

J~ P. ffabennan; CPA

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

Security Deposits

TOTAL ASSETS

$153,861 142,681

LIABILITIES AND PARTNERS' CAPITAL

Current Liabilities: Accrued expenses

Partners' Capital

TOTAL LIABILITIES AND PARTNERS' CAPITAL

See accompanying notes and accountant's review report

$ 18,784 780,233

799,017

11,180

4,055

$ 814,252 ::::::::::::::::::::;:::;:::;:::;::::;;::::

$ 11' 850

802,402

$ 814,252 ===========

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

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

OPERATING INCOME/ (LOSS)

Investment Income

NET INCOME/ (LOSS)

See accompanying notes and accountant's review report

$ 180,834 103,706

14,011 52,461

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

$ 3,495,637

351,012

3,144,625

3' 162,493

17,868)

316

$ ( 17,552) ===========

REALTY APPRAISAL COMPANY Statement of Partners' Capital

For the Year Ended December 31, 2013

Partners' Capital - Beginning

PLUS/MINUS: Net income/(loss)

LESS: Partners' distributions

Partners' Capital - Ending

See accompanying notes and accountant's review report

$ 975,954

17,552}

156,000)

$ 802,402 ======:::====:::

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

Net Cash Provided by Operating Activities

Investing Activities: Purchases of furniture & equipment

Financing Activities: Partners' distributions

Increase in Cash

Cash - Beginning

cash - Ending

Paid for interest during the period Paid for income taxes during the period

See accompanying notes and accountant's review report

$ 4' 3 62 216,472

( 30,978)

$( 17,552)

189,856

172,304

11,255)

156,000)

5,049

13,735

$ 18,784 ===========

$ $

-o--o-

==========

NOTE A:

REAL TV APPRAISAL COMPANY Notes to Financial Statements

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

To the Partners Realty Appraisal Company

998C Old Country Road, PMB 422 Plainview, NY 11803

(516) 775-0175 Fax: (516) 775-1092

E-mail: jayh@cpa.com

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

Current Assets: cash

REAL TV APPRAISAL COMPANY Balance Sheet

December 31, 2012

ASSETS

Accounts receivable

Total Current Assets

Furniture and Equipment, at cost Less: accumulated depreciation

Security Deposits

TOTAL ASSETS

$142,606 138,319

LIABILITIES AND PARTNERS' CAPITAL

Current Liabilities: Accrued expenses

Partners' Capital

TOTAL LIABILITIES AND PARTNERS' CAPITAL

See accompanying notes and accountant's review report

$ 13,735 996,705

1,010,440

4,287

4,055

$ 1,018,782 ==============

$ 42,828

975,954

$ 1,018,782 ============

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

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

OPERATING INCOME/(LOSS)

Investment Income

NET INCOME

See accompanying notes and accountant's review report

$ 202,163 89,393 65,490 58,955

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

$ 3,658,220

416,001

3,242,219

3,008,737

233' 482

563

$ 234,045 ===========

~

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

See accompanying notes and accountant's review report

$ 897,909

234,045

156,000)

$ 975,954 ===========

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

Net Cash Provided by Operating Activities

Financing Activities: Partners' distributions

Decrease in Cash

Cash - Beginning

Cash - Ending

Paid for interest during the period Paid for income taxes during the period

See accompanying notes and accountant's review report

$ 3,558 ( 83,000) ( 7)

$ 234,045

79,449)

154,596

156, 000

1,404

15,139

$ 13,735 =::::========

$ $

-0--0-

==========

NOTE A:

REAL TV APPRAISAL COMPANY Notes to Financial Statements ·

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

CONTRACTOR: (Name, legal status and address) Realty Appraisal Company · 4912 Bergenline Avenue WestNewYotk, Nj 07093

OWNER: (Name, legal status and address) Borough of Roselle Park 110 E. Westfield Avenue Roselle Park, NJ 07204

BID BOND SURETY: North American Specialty Insurance Company 475 N. Martingale Road, Suite 850 Schaumburg, TIL 60173

This document bas important legal consequences. Consultation with an attorney is encouraged with respect to its completion or modification.

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

(Witness) Realty Apprais~any

(Principal) (Seal)

(Title) NEIL RUBENSTEIN, Partner

(Witness) (Surety) (Seal)

(Title)

This Document conforms to the AlA Document A31 orM- 2010 I

CONSENT OF SIJRETY

- .. ln·ConS'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#tled·upon the completion of the contract and the. sum which the said o\VNER m 1Y. ·be obligated to pay to another co·ntr.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 iS beill%£t me duly sworn; did saytha:t he is the aforesaid officer or attorney-in-fact of the. or Tns~ia~~!i cEic1 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 to·b~ the free"a.ct.and deed· of said corpor.ation.

(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 W ASHJNGTON 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

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 r-~, 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._.

State of Illinois County of Cook ss:

North American Specialty Insurance Company Washington International Insurance Company

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 SPECIALTY INSURANCIE 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

ASSETS

Cash Bonds Other Invested Assets· Other Admitted Aasets

TOTAL ADMmED ASSETS

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

514,172,911

LIABILITIES

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:rican·Speclalty lnsurance.Company, Schaumburg.lllinots that satd company is a corporation duly·organized, 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

_€~, "=-'% ..1-:1 -0 3tstdayofDecember,2013. · 2_ J ~·

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

Company

Brochure

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Pg. 1 Services Offered

Pg.2

Pg.4

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Pg. 10

Pg. 12

Pg. 15 Pg. 16 Pg. 18 Pg.20 Pg.22 Pg.23 Pg.24 Pg.26 Pg.28 Pg.30

Pg. 32

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

Pg.52

Pg.53

Company History

About the Company

Client List

Letters of Recommendation

Quality Assurance

Public Relations 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

Photography

Forms and Summary Data Page 8 Formula Revaluation Analysis Zoning Maps Sample Appraisal Report used for County Tax Appeals Tax Appeal History

i

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

Apartment Properties Income Producing Properties Chapter 91

NJ Tax Assessment System

,,.,I

"I I

(avD.ilablo on webs:ite)

(avallilble on website)

Services ffered

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 :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 I·;; ' '· "

; ·'··"' , I· j

I·; 2

Company History

Qualification of Personnel

Taxpayer Relation Program

Cooperation with Assessor

Substantiation Given for Values

Accuracy of Progress Reports

Application of Three Approaches

Timely Completion

4 6

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8

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

Realty Appraisal Company

m State Average u

Realty Appraisa/Corripa'rly. .··· I ' •![

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'

10

About the Company

Robert I. Rubenstein - Partner

Stanley Rubenstein - Partner

-~. · Realty'AppraisaJCompany· I I ' 1 ' , ' I ' ' '

Robert I. Rubenstein has engaged in the general practice of real estate since 1948. His experience includes sales, leasing, and financing of property, as well as property valuation. Robert has had 50 years of experience in appraisals, focusing on commercial and industrial properties.

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 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.

',,' ,, ,·. 4' ,,; ·,"' ·,

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

Neil Rubenstein SCRREA, C.T.A.

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 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 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.

5

James Farley ~ Supervisor

MarkDuda SCRREA - Supervisor

Eydie Saleh SCRREA

AndrewDuda Supennso~SL~

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.

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.

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.

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.

. Realty Appraisal Company '' .,, .1.,, , ., ':: I ,,-,,'

Field Inspectors

. ~.

Support Staff

•· ,Realt}tAppraisal Company' 1 I ,,. , •:1.:: 1 1 , , ' •

1 I I, I I

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.

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 .

·I,' 1

'7 '' ,, '

~

~

~ " li Client List i ~ i ~ Riverside 1973

Riverton 1960 '~

CAMDEN COUNTY ~ Bellmawr 1960

Berlin Twp. 1960

'""' CAPE MAY COUNTY ~

Middle Twp. 1960-1974 Ocean City 1961

-~ ATLANTIC COUNTY ESSEX COUNTY Egg Harbor Twp. 1960

~ Belleville 1969-1977

BERGEN COUNTY Bloomfield 1961

~- Alpine 1973 Cedar Grove 1968

Bergenfield 1976 Glen Ridge 2007

Carlstadt 2012 Maplewood 1969

Cliffside Park 1964 Montclair 2011'

Closter 1999 Orange 1957-1965

Cresskill 1957 Roseland 1968

Demarest 1957-1966-1995 South Orange 2011'

Dumont 1961 Verona 1972 ~ East Rutherford 2009 West Orange 1971

Emerson 1958- 1998- 2010' GLOUCESTER COUNTY ~ Englewood 1979-1987-1993-2006-2010'

Fair Lawn 1987-1994-2006 Paulsboro 1960-1977

c~ Fairview 1964-1973-1978 Pitman 1960-1973

Hackensack 1987-2006 HUDSON COUNTY Harrington Park 1987-2012 Hasbrouck Heights 1978

Bayonne 1963-1990

-"', Haworth 1956-1987 East Newark 1967-1985

Hillsdale 1986-1994-2006-2012 Guttenberg 1963-1970

~ Leonia 1967-1971-1985 Harrison 1970-1987 Little Ferty 1986-1993 Hoboken 1970 Lyndhurst 2005-2011' Jersey City 1965 Mahwah 1986 Kearny 1968

-~ Maywood 1987-2007 North Bergen 1951-1968-1991 Midland Park 2001-2011 Secaucus 1968

~ Moonachie 1965 Union City 1968 New Milford 1987 Weehawken 1968-1973

~' ., North Arlington 1964-1978-2010 WestNewYork 1958-1967-1990 Northvale 1986

~ Old Tappan 1960-1976-1985-1992-2001-2010 HUNTERDON COUNTY Oradell 1970-1974 Stockton 2006

- Paramus 2003-2007' Ridgefield 1994 MERCER COUNTY

~- Ridgewood 2000 East Windsor 2009 River Edge 1963-1978-1987 Hamilton Twp. 1962

~-·, River Vale 1985-1994-2007 Lawrence Twp. 1973 Rochelle Park 1978

-"~ Tenafly 1958-1966-1974-1983-1993-2002-2010 MIDDLESEX COUNTY

Teterboro 2003-2007 Carteret 2011

"' Washington 1958-1966-1978-1986 Dunellen 1964 Westwood 1959-1965-1978-1986 Edison 1957-1964-1972-1982

,.,......_ Woodcliff Lake 1967-2002 Helmetta 2006-2011' Wood-Ridge 1962-1984 Highland Park 1958-1972-1978

~- Wyckoff 1968-2005 Madison Twp. 1972 Milltown 1959-1968-1979

~ BURLlliGTON COUNTY Monroe 1992-2013 Burlington Twp. 1959-1970 _, Cinnaminson 1960-1965-1973

New Brunswick 1967-1973 North Brunswick 1962-1984

Fieldsboro 1964 ~ Hainesport 1963-1973

Piscataway 1957-1966-1974-2013

Moorestown 1974 Perth Amboy 1971-1989

""~""", Mount Holly 1959 Sayreville 1965

Palmyra 1960-1972 South Amboy 1984-2004 South Plainfield 1956-1967 * Reassessment

~

RealtY'Appraisa/Company -·• !:' 8 ~""" '

' ' ;· ·, .' ,, 'i : 1::. ': : '','' ,-,' I;

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*-1999-

2005*-2012

- •·· RedltyA.ppraiso/Compariy . '

Client List

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

9

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N<!HI~in Rolllty Appmlf.lll ComPQnl' 4912 9efgor'IUtla AVDMI.IO WO!It NOW Yotk, NJ 01093

oemr Mr. Rub&I'IIWio·

Letters of Recommendation

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D<l.:trG,liltJom~:>n,

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

nHtl'ln<':r Ill which your firm h«ndlcd nnk you fv:r tlk Pt'Oi't·ll~lO!Utl .ll:'llld(' this iob nny Qa.llk•r tio our r.:>vn..lu~>tlon. You ~'Ou/d not huvc

r us. Durin" th('" ,.

" ,n ttl\ p.rocm,;Ct you d neconnnod ' /lJl your staff w

Ute t'Vcr;von(.> involY"" .,.., _ _. ant out of th~•ir wuy W ' ~""- •mSWf.l,<;~tb, fir

Nl\tl.>(>.o year'" in Pn:ro.n,uB und th "' m rovaluation in ovur Oll:~c during t.his ' 0

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,

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

csourct~ to tht• <:ommun. Thunk YOU ford , lt}'.

OIOS'$U<:httgrtlllt' bf. loo.k fotwnrd to working with )'O . )O or the Borough ofPurtunus I

:if UUf\'UJ.Il. lfict>. 00 • or 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

~ "Your personal service and willingness to work ·~ ~for and with my staff were second_ t? none." ~

------,,;;, ...... ::R:.~~"7f!';.:~·~~:\,.. "" Neptune MumczpalAssessor)

Realty Apprc/lsi::H c oinpahy ' " ,, ·j " ,' ... ';i ,, ·i

~Township of Mt. Olive

!( "I lo_ok forward to working with ~you m the future." ~ ~ Tenafly Municipal Assessor I \. .Jl

nQROUGH OF TENA-FLY "' RJVEREDGEROAD 10~AFLY. Nl 07670

(2Q L)56S-6l00

~: .. ,.crely,

Realty Appraisal CompanY T 4912B<'S""IinnAvel~~;093 F~WE'NSJi[p OF We:;t New ';{ork, N Q

AttentiOn: SteVe Rubenstein '£UOLD Dumu" iYfiJYOR

'~~~~~~~i!~ ]!~~~~~~~~~~~~~~~~~~~~~r~o:"':w~-~!v!J!J!,,~,!'!'"l"~"~ "'Pl't::.•cro;,, E~tgl!ll<' 8 l:ilfJp COA.JMJ c s <Jnr/ Eirh , ·Golub, 0 ,. ttt 'rrct::

Dco.r Steve, . ld you many times; tho.t is ho ancms tit~ Qllall~,, of llfi•" Ruy';;~~~· :;;:;.;::; c.xpre!S in writing what l hnvc t~uationoftheBoroush of' 1) "M. S<7lkrit

1t is n ple~U>"Ure to wns in the most recent 1t1."1t/ f>. s""", •1 •s pcrfonnnnce t1i ._,, your·corop: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

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

Ct~,1d (~,z eurol C. Byrne. 'A A.'\S~ssor

CCB~jr

··RealtY Appraisal CompanY ,J1 ' ' ' ' '' 1 I, , I ,! I

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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

Field Supervisor

r * 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.

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' * 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 .

. : * Visits dwellings to confinn property owner satisfaction with field ti inspection.

\i ri * Researches condominium master deeds and amendments. ,,

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Principle Appraisers

Quality Assurance

*Investigate sale and rental listings, both from Multiple Listing Service and on-site signs. ~

~~

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

" * Obtain a list of pending and approved site plan applications 1:.

· from municipal planning boards. · , . I

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· .. *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.

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.1 *Assemble and utilize database on sales, rents and listings ~ : of residential, vacant land, and commercial properties. ~

~ *Drive entire municipality at end to visually check accuracy ~ ~ of every property record card, consider exterior influences ~ ~~ and confirm values. ~

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

fJRM - REALTY APPRAISAL COMPANY

1. Quali-fica-tion o-F personnel 2.. Ta):payer relation program 3.. Cooperation "-.~i ·th assessor 4.. Substantiation given for values 5.. Accuracy of progress reports 6~ Handling o-f ta>:payer reviews 7.. Quality of land value map 8.. Accuracy of property record cards 9.. Application o·f three approaches

lO.. Timely completion

Average J./31.1 .... Firms>

7.30 7.10 8.29 7.05 6.95 6.43 7.05, 6 .. 77 6.67 5 .. 85

Your Average Score

* 8.50 8.00 9.00

* 9.00

* 9.00 8.50

* 8 .. 50 7~50

* 8.50 8.00

* Your average scare is given only revalued by your firm returned a

ii' two or ~ore districts questionnaire ..

* = HIGHEST SCORE

~~Q~ICAL RATING CHART

10 Significantly Above Satis·factory Moderately Above Satis~actory Satisfactory or At Standard Marginally Below Satisfactory Signi-ficantly Below·Satis.f-actory

7-..5 5

2w5

';· ::: :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 .. . demonstrate•how !a particular .compal'ly: compares ·with competitors . and demonstrate areas ·for. impr.ovement.

Realty Appraisal Company has consistently recieved high marks during independent scoring.

Realty Appraisal Company

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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.

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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 of experience, 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.

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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

LO,NG BRANCH - The tax reva1ua~ion project cu.rrcntly . bemg conaucted in the city will not cause an across-the-board tax increase but will redistribute the·· tax burden aii)ong city residents, City Finance .Director Ronald J. Mehlhorn said yesterday.

The revaluation began last week.

During the revaluation, field personnel from the . Realty Ap­praisaJ.Co. will inspect every piece of property in the city. Following a review·cifthe inspections and . .new · assessments, Tax Assessor· Dennis Raftery will revise or aCcept each new assessment~ upon which new tax payments will be based. Raf­tery.will also personally conduct · hi.s own assessments of some city property. · ·

Mehlhorn said part of the .tax· assessor's ·duties is to keep ; the city~s assessment ratio as Close to 1 00 percent as possible. · ·

voided from inclusion in the ratio. "The rcval will bring every

piece of property on the books at I 00 percent so everyone pays his fair share of taxes." Mehlhorn said. "But the city doesn't get one cent more; it just puts the tax bur­'dcn where it belongs . .,

Each field inspector will carry i~elltification· cards issued. by po­llee and a letter signed by City Business Administrator Anthony Muscillo and Raftery. When in­spectors ask for eritry to inspect the .inside ··of houses~ they will have. clipboards, measuring tapes and property record forms.

:.If no one' is home on the first visil, the inspector will leave a card with a phone number to make other arrangments. lf entry cannot be made during the second . visit, a written notice will be lcB. advising that· an assessment will be estimated unless arrangmcnts are made for a third visit.· ·

"All arc ·asked to co-

Revaluation hits Neptune; officials try to dispel myths

By AUSON WALDMAN CoASTAL MONMOUTH'SUREAU

assume that our taxes going to go up. I don't

know hOw much," said Jones, 63.

"A lotof things peo-ple think figure into· re- . assessments really don't"

-Bernard Ha:ruzy, Neptune tax assessor

About 20 inspee­ton; with. Realty Appraisal. Co. are now going through the township, ne~borhood by ne~borhood, to look at every prop­erty, Haney said, and so far about 5,000 inspections have been com­pleted. .

But higher prop­erty assessments may not necessar­ily translate into

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.

Top: Greg Lewit (left), a revaluation lns;pect<t~ Haney,- Neptune tax.assessor, review a road ney's office. _Above: 1eWit records data for a tune Is undergoing nreal estate revaluation fear will raise their taxes~ (STAFf' PHOTOS: !.'lOB BIELK)

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 as­sessor. . The townwide reassess~

ment, last done in 1991, is expected to be completed

higher mxes, and some resi· dents may see a decrease .in their property 1>lX bills, be said

Where these increases and decreases will = cannot be detennined until the reas­sessments are complete, he said

asked about tioning

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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.

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 www.realtvappraisal.net for more information. At any time during the revaluation, 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.

Sincerely,

~era~ Assessor

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.

MUNICIPAL OFFICES (732) 583-4200 • FAX (7321 290-3171 • WWW.TWP.ABERDEEN.N).US

Realty Appraisal Company

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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,

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'Jple···letter.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.

Enclosure

Mailing Address: PO Box 450 Budd Lake, NJ 07828 Phone: (973) 691-0900 www.mountolivetownship,com

Realty Appraisal Company

John Marchione, CTA Tax Assessor

Physical Address: 204 Flanders-Drakestown Road Budd Lake, N) 07828

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Public Relations

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

Pamphlets available through website

·. ReaJtyAppr0isdl Compi::mY: '•,' ··'':1 :· ' ; ···:';'

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IJnde~swnding

Propertglnspertions As part af a property revaluation

Published by Realty Appraisal Company

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

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Public Relations

1'llle Cou.aty :Boanl of'lliil:lmlliom:bas ·onllered a ~om of d ~es your ~to detemmine·dm.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 pttlpttl'f -la#tl110~

7 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

2 Whot about my ~;cty and security? 11 ln1(1tdoN will M Wltri~!J plleto I.D, BHg... D011't lltnv- into your hoiiM

anlm fMy •re _,j,., • 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.

9.

to tilt Jh•oltlptl Tu Atcwor:.

Docs a revaluation make my property taxes,go up? Mot atcttnrlly. ,......,.,. Mftlatl- do t10t ntomlflciUy rtnlt ~ kJ9bor properly twt. 1'hlr b .._..w wllllo ptotortr nl ... 9• Ill', tltt h~ m. llltd to t~ICIIItfe yoo~r tu hUt wiii!JO dOWII. FatwMple:

1 (). Who do I call tf I have q11esfions or toncctM? All mldOIIfl: ·~ ptllptrf1 owmt • .,. ~l'II9M to Cllllf1d tN lllunlcl'p•l Tu A«mor'• 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' ',, ' ' '

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Door Hangers

hanger ~esidents of our visit, encouraging

. re!ichedule ·an appointment.

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 ' ' I' I, ... :

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Realty Appraisal Company Serving New Jersey Municipalities

"Home m About RAC "Services " Clients "Contact RAC - - - - ~ ~ - -- - - -- - - - - -

Current Revaluations

Aberdeen Contact Us Regarding This Revaluation Rev.alu.ation Compl.et£::

Colts Neck COntact Us Re9arding This Rev:alu:~tion Status Report

Deal Contact Us R·e.q.arding This Revaluatl.on Revalu.ation Compl·ete

East Windsor Contact Us Regarding This Revaluabon Status Report

Freehold Township Contact Us Regarding This Revaluation Rev.aluation Compl·ete

Hazlet Contact Us Re9ar·ding This Revaluati-on Revaluation Compl·e:te

Jackson Townshjp Conta.ct Us Reg.ardino This Revaluati·on R·evaluation Compl·e:te

Keyport Contact Us Regarding This Rev.aluation

Marlboro Contact Us Re·qar·dinq This Revaluation Status Rep.ort

Middletown Township Contact Us R~.gardino This R~valuati·on Revaluation Compbete

Vernon Contact Us Regarding This Revaluati·on Rev.alu.ation Complete

RealtY Approisal Company 4912 Bergenline Avenue West New York, New Jersey 07093 201-867-3870 . .

http:/ /realtyappraisal.net/ current.htm

Available on our website. li ,1

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

Re6ttyAf:>praisbrcompcmy .· ' ·: '· I',.; " , 1 , , •• , • • 1

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Town:Colts Neck

Jim Farley

Mark Rubenstein

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

~-·c;· ·~'--:~"Jorri.an >eacy

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Greg Lewit

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George Tomkowich

Joseph Curatolo

Realty Appraisal Company

REALTY APPRAISAL COMPANY 4912 Bergenline Avenue

West New York, NJ 07093

(201) 867-3870 Field Inspectors

Vehicle/Color

2001 Nissan Sentra - Beige

2009 Mazda. 3- ·,tlver

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

2006 Honda Accord - Silver

2003 Infinity G35 -Silver

2005 Honda Accord - Blue

2009- Subaru Forester- Green

Updated:03/2309

License Plate

123456

113456

123456

123456

123456

123456

123456

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r~pectgrs li~t is >~er1t .t~ the Assessor Police ·and other· Municipal affiliates· to insure proper identification.

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BOROUGH OF HARVEY CEDARS POBOX3185

HARVEY CEDARS, NEW JERSEY 08008-0319

BOARD OF COMMISSIONERS

JONATHAN S. OLDHAM, MAYOR DEPT. OF Pu&IC SAFEn' AND PUBLIC AFFAIRS

JUDITH E. GI!!RKEN~ DEPT. OF PUBLIC WORKS AND PUSLIC f!ROPER1Y

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

Dear Resident:

··•' ,."

Bum:ud C. twncly, CTA MUNICIPAL ASSESSOR

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

EMAIL as&!ISOOr@harveycedars.OI'Q Vt'llvW,harv~~~ ,rg

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The Realty Appraisal Gom2ru'::' of\le: tNe,., Y o~'c, i·ew 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. · ·

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. .Jt 1:. respe<tfu'.lyceqt.:"Sted 'hat•thehea;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~~ 1 This purpose.

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

Sincerely,

~~~ Bernard Haney, CTA Tax Assessor

Realty Appraisal Company

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•.. • ~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

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R E A L T Y A P P R A I S A L C 0 M P A N Y 4912 BERGENLINE AVENUE

WEST NEW YORK, NEW JERSEY 07093

SMITH, JOHN & MARY 34 OAK LANE GLEN RIDGE NJ

BLOCK: 1 LOT: 7

Dear Property Owner:

07028

QUAL: 2

PROPERTY LOCATION 34 OAK LANE

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.

.. • above: 'A sample letterad\/ising. property owners of their new valuation.

Realty Appraisal Company

Sincerely,

REALTY APPRAISAL COMPANY

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y A 4912

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PPRAIS BERGENLINE YORK, NEW

A L C 0 AVENUE JERSEY

M P A N Y

07093

December 26, 2007

SMITH, JOHN & MARY 34 OAK LANE MAYWOOD, NJ

BLOCK: 1 LOT: 7

Dear Property Owner:

00000

QUAL: 2

PROPERTY LOCATION 34 OAK LANE

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 $179,500 New Assessment $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.

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ctbove: Another e~~inple, of ,a,: letter of new valuation.

Realty Appraisal Company

Very truly yours,

REALTY APPRAISAL COMPANY

27

Public Relations

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· 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. :I I I • • ', · ' , '

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'28

Public Relations

q·Board.OfTaxadoa.has ordered a~ofd properties ldn1rour~to cleteludoeiheir,_~'Wiue".

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

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Realty Appraisal Company ... serving New Jersey Municipalities since 1934

Residential Sales Data Sheet

Block: 144.09 Lot: 18 Qua lifer:

Location: 123 SECOND STREET Map Page: 22.1

Sales Information:

Owner Name: SUSAN SAMPLE Sale Date: 01 /02/03 Sale Price: 565000

NU Code:

Building/Land Information:

Style: COLONIAL Total Rooms: 10 Size: 2189 Bedrooms: 7

Year Built: 1991 Lot width: 79 Lot depth: 96 Acreage: 0.17

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,above: Summaries oLrecent property·. sales are a usefultoolin public education during the informal hearings ..

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Digital Photography

Realty'Apprcn.·s.ol Co.m.• pony· '· ', !.• ..... , ·I '

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Digital photos provided on a DVD.

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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 ' ' ~ I ' ' ,-1 .. 33 .

1

.1

THE COMPLETE FORMULA FOR DETERMINING THE NEW AVERAGE RATIO OF REVALUED OR REASSESSED DISTRICTS

Any Town Any County DISTRICT COUNTY

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

shown in column 1. County Equalization Table.

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

Valuations (School Aid) October L

ADDmONS

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

October 1. computed as follows:

Dec. 31, DATE

$ 1,442, 702,600 (Table of Aggregates)

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

_$~~~~~~~5~,8~1_2,~9~00~.0~0~1--~~~~~16~.6~4~% + $ ________ ~3~4~,9~3~3~~93:_ Total Added* minus Net Appeal Judgments Ratio from Table Oct. 1 Total Omitted minus Net Appcnl Judgments

* "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:

$ I 100.00 % + $ _______________ _ ~As~,-.,-,-.d~m~tab~l~e-so-f~N~~--C~o-ns_tru __ cn_·~o~------ ~--~C~OWm7.-e~d~"-ran~·o_w_e~d~~---

Improvements & exempt transferred to by Assessor. taxable.

5. Enter total of true values (2) plus (3) plw ( 4)

DEDUCTIONS

6. True value ofloss of assessed ratables (see paragraph c. page 7) computed as follows:

= $====~~1,~44~6~,1~1~2,~98~4~ (Lines2+3+4}

$ I 16.64 % - $ ~T~o7tW~lo-~-m~. -M-~--,s-cd7r~ma77b~lc-s'fr-om~fir~e-.----- ---~Ra-n7·o-fr~o-m~T~ab~k-O~ct~.l~.~~ -----------------------

demolition and taxable transferred to exempt and reductions due to Appeal.

(A)

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).

(A)

1,442, 702,600 I 1,446,112,984 ------~~~)~~---

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

above:The.Pages•· Formula.

II l! ~I

II * Reassessments 1 •

I t1 i Realty Appraisal Company 34

Forms & Summary Data

No. of PROPERTY CLASS ITEMS

2006

1. VACANT LAND 5,863 2. RESIDENTIAL 15,903 3A. FARM (Reg.) 270 38. FARM (Qual.) 384 4A COMMERCIAL 434 48. INDUSTRIAL 64 4C.APARTMENT 0 TOTAL COMMERCIAL 498 GRAND TOTAL 22,918

CURRENT DATA (2006)

Tax Rate(AVERAGE)

ESTIMATED 2007 TAX RATE

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

HOWELL TWP IMPACT

Analysis of Revaluation Impact on Property Taxes

2006 ASSESSED

VALUES

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

$4.250

$4.250 2.331 $1.82

%OF TOTAL

0.0347 0.8296 0.0147 0.0000 0.1012 0.0190 0.0000 0.1202 1.0000

No. OF 2007 est. ITEMS ASSESSED

2006 VALUES

5,311 262,276,800 16,113 5,650,320,000

284 108,940,500 403 2,510,100 442 712,078,200 66 116,350,100 0 0

508 828,428,300 22,619 6,852,475,700

%OF TOTAL

0.0383 0.8246 0.0159 0.0000 0.1039 0.0170 0.0000 0.1209 1.0000

PROFILE OF AVERAGE RESIDENTIAL PROPERTY

2006 Assessed Value $153,361

2007 Assessed Value $350,668

2006 Tax Rate $4.25

2007 Tax Rate $1.82

Average 2006 Residential Taxes $6,517.83

Average 2007 Residential Taxes $6,393.49

INCREASE SHIFT

2.571 0.004 2.317 -0.005 0.000 0.000 0.000 0.000 2.393 0.003 2.088 -0.002 0.000 0.000 2.345 0.001 2.331

above: Analysis of Tax Impact

Realty Appraisal Company

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Municipality: Location: BlockfloVOual: Owners(s): Assessed Value:

Per Sq. Ft. of Livable Area: Client: Interest Appraised: Purpose/Use: Type of Value:: Date of Value: Date of Report: Appraisal Scope:

Assumptions/Limiting Conditions: Highest and Best Use:

As Vacant Land: As Improved:

Valuation Method: Use Restriction:

Jurisdictional Exception: Certification of Value:

Indicated Market Value:

) ) ) ) ) ) ) ) ) ) )

REALTY APPRAISAL COMPANY

32 MIDDLETOWN TWP 1 WINDY HILL LANE 672/24

HYBRID RESTRICTED SUMMARY APPRAISAL REPORT

MAISTRE MARTIN & MAURA TERESA L:362800 B: 679600 T:1042400 244.47 32 MIDDLETOWN TWP Fee Simple To be used In support of oral testimony at County Tax Board appeal Market Value {definition on reverse side) 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.

On file

Slngle·famlly residential Current Use Sales Comparison Approach This report Is exclusively Intended for use In a County Tax Board appeal.

See reverse side See reverse side

1042400 VALUATION SUMMARY:

Blockllot!Qual Location Map Sale Date Sale Price Lot Size Style

1 WINDY HILL LANE 11-~--1-----------1

Subject 672/24

Comparable 1 680142 70LDWICKCT

Comparable 2 773/2 32 SEAVIEW TEAR

Comparable 3 681/6 25 HILLANDALE DR

Comparable 4

Comparable 5

Page

106

91

74

199

08/30/07 1325000 169 X 230 COLONIAL

06/27/08 930500 1.560 Ac. COLONIAL

05/15/08 1650000 84 X 156 COLONIAL

07123108 1335000 2.570 Ac. COLONIAL

) ) )

Num Year Unit Built

1988

1 1982

1994

1973

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

SUBJECT PHOTOGRAPH

Livable Condition eds Baths Sale Price Area Per Sq. Ft.

4264 NORMAL 5 4 310.74

3637 NORMAL 4 4 256.84

5092 NORMAL 4 6 324.04

3805 NORMAL 4 4 350.85

Forms & Summary Data REALTY APPRAISAL COMPANY

COUNTY TAX BOARD APPEALS FOLLOWJNG REVALUATIONS (Since 1994)

;:.::;:; c"""'Y :::::· '~;.::;: Un~:::ms ~·v;: I

1994 I Moomo<rth 6,582 67 1,02% 37

_1994

~ 31 ~ 19 ·~00 "" 60

_8( 3.\lO% "

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199 ''""mt) IMoomo<rth

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~ I <OS 10 2.47% ~

2003 1Boro""h IMo=o<rth 1.49< ... 22 1.47%

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0,56%

1.33%

0.33%

1.19%

1.21%

0.22%

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' REALTY APPRAISAL COMPANY ~ COUNTY TAX BOARD APPEALS FOLLOWING REVALUATIONS (Since 1994)

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Forms & Summary Data

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REALTY APPRAISAL COMPANY CHAPTER 123 RATIOS FOLLOWING REVALUATIONS

Reva/YINII' T~oblo Prl<XY' First Yr. 2ndY~ ,.......,, UM ...... R""' R .. o ... , (P"" 8)

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""' 2.526 75.78 '"'' "·"' 2000 2,,., "·"' l01.8l .. l01.5<

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2003 '-"' "·" "'·"' -"'·" I.M 14l.IM '"" --'"' -· '""

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NEEDS RE-INSPEC'I'ION __ NEEDS DRIVE BY ____ _

DlSPEC'rOR ______ DATE/TIME _____ _

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NO CHANGE IN VALUE: INSPECTOR I

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Realty Appraisal Company 43

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TOWN: ANY

BLOCK: 454 LOT: 18.01 QUAL: BLDG: M

WALL RATIO: 14

REALTY APPRAISAL COMPANY

OWNERS NAME : STREET ADDR: CITY/STATE/ZIP: PROPERTY LOC:

BASEMENT WALL RATIO: 0

SMITH, JOSEPH 123 01\K LANE ANY NJ 123 01\K LANE

AVG# ROOMS: 0

CODE HT ST Q DESCRIPTION AREA RATE CONS! - -------------------------- -------

103 24 2 3 STRCT SHELL:MASONRY FRAME 4800 2.3 3 ADJ ESE CST:CEMENT BLOCK 6912 3.4 3 INT FINISH :SMALL OFFICES 4800 3.9 3 INT FINISH :RETAIL OR RESTA 4800 4. 2. 6 3 HEAT & COOL:CENTRAL CMH 9600 5.2 3 PLUMHING :COMM. FIXT 12 6.2 3 ELECTRICAL :COMM. LIGHT -AD 9600 7.2 3 SPRINKLERS :COMMERCIAL 9600 RA05 3 ROOF ADJUST:GALVANIZED STEE 4800 EVOl.C 3 ELEVATORS :PASS - ELEC. 1. 1 EV08 3 ELEVATORS :ADD PER STOP-PA 2 FA01 3 FLOOR ADJUS:CONCRETE SLAB 4800 RA09 3 ROOF ADJUST:CANOPIES, ETC. 228 EP 3 ENC. PORCH : 120

TOTAL BASE COST: COST CONVERSION: YEAR BUILT: 2006 EFF AGE DEPR: 2% FUNC DEPR: 0% BUILDING APPRAISED

EFF AGE: 1 Y PHYS DEPR:

(Y) 0% 0'•

COND:NORMAL NET:

ECON DEPR: NET: VALUE

DETACHED ITEMS:

------@ 10.38 + @ 2.84 + @ 6.79 + @ 5.80 + @ 3.31 + @675.00 + @ @ @ @ @ @ @ @

2.25 + 0. 97 + 1. 79 +

26750 + 1900 + 1. 60 + 5. 67 + 8. 94 +

2.81

0.98 1. 00

0 0 0 0 0 0 0 0 0 0 0 0 0

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PV05 PAVING ASPHALT - AVG. 5000 @ 0.51 x1.00 @ 90%x2.81~ TOTAL DETACHED ITEMS:

TOTAL BUILDING VALUE:

COST/SQ FT: (SHELL AREA: 9600)

Realty Appraisal Company

aboite: SarTI pie reproduction c()st estirTlate,O~ing, New · Jersey Assessor's Manual for commercial; industrial and apartment properties.

07000

VALUE

49824 19630 32592 27840 31776

8100 21600

9312 8592

26750 3800 7680 1293 1428

250,217 703,109

689,047

6449 6,449

695,500

73.24

46

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7/29/2008

Estimate Number Estimate ID Property Address Property City State/Province ZIP/Postal Code

Section 1

Occupancy

100% Office Building Tot3l Area Number of Stories (Section) Perimeter

Components

HV AC (Heating): Package Unit

Sprinklers: Sprinklers

Elevators: Passenger#

Exterior W :ills:

Summary Report

1684 Marlboro 268.01-43 176 Route 9 North Marlboro N.J. 07746

Class Fireproof structural steel frame : 26,132 : 3.00 : 433

Units/%

100%

100%

Height Rank 36,00 2.5

Other

CUrtain-Metal with Glass Panels Stud -Brick Veneer

6% 94%

Cost as of 07/2008

Basic Structure Base Cost Exterior Walls Heating & Cooling Elevators Sptinklers

Basic Structure Cost

Extras Paving Patio

Replacement Cost New

Realty Appraisal Company

Units/% Cost Total

26.132 185.80 4,855.326 26.132 36.77 960,744 26.132 16.69 436.143

1 82.629.00 82.629 26.132 3.84 100.347 26.132 246.26 6,435,189

28,000 2.90 81.,200 648 8.00 5.184

26,132 249.56 6.521.573

Cost Data by Marshall & Swift

~bove: Sample Marshall and Swift replacement cost· estimate for commercial, industrial and apartment properties.

Page: 1

47

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REALTY APPRAISAL COMPANY

27 MT. OLIVE

BLOCK: 8300 LOT: 9 PROPERY CLASS:

ADDRESS: 434 SAND SHORE RD

GROSS ANNUAL INCOME

BASE RENT:

ADDITIONAL INCOME:

TOTAL POTENTIAL GROSS INCOME:

LESS VACANCY & RENT LOSS 5.00 %

EFFECTIVE GROSS INCOME:

EXPENSES:

PAYROLL & PAYROLL TAXES: FUEL: ELECTRICITY & GAS: WATER: EXTERMINATING: REPAIRS & MAINTENANCE: 5.00 % RESERVE FOR REPLACEMENT: 2.00 % INSURANCE: MANAGEMENT: 5.00 % LEGAL & ACCOUNTING: GARBAGE DISPOSAL: GROUNDS MAINTENANCE: MISCELLANEOUS: 3.00 %

NO. APTS:

14' 388

4, 968

3, 400

13,669 5, 4 68 7,358

13, 669 1,000

17,000 8,202

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

OER (Operating Expense Ratio): 27.34 %

NET OPERATING INCOME:

MARKET VALUE: ($ 198,653 I 9.05%)

NOTES:USED ACTUAL 2006 I & E

CAP RATE: 7.00% TAX RATE: 2.05 %

EGIM: 8. 03 (Eff. Gross Income Mult):

VALUE/ROOM: VALUE/APT :

NO. ROOMS:

202,423

85,352

287,775

273,387

-74,734

198,653

2,195,100

above: In~~me capitaliz~tion appr~ach for commercial, industrial and apartment properties.

Realty Appraisal Company

4A

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ANNUAL STATEMENT OF INCOME AND EXPENSES FOR

APARTMENT PROPERTIES jl\ooq-- ~!I> !U.U. ,..,_)

___ .,...""'--------""•n------PART 1-I'~Of'l:lffi' JDIIHTll'lll4l'ION

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

Realty Appraisal Company

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Forms Available through. website: Income and expense statements. for apartment 'buildings are recorded with these forms.

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ANNUAL STATEMENT OF INCOME ANO EXPENSES FOR

INCOME PRODUCING PROPERTIES

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

Realty Appraisal Company

}6~m~ Avai!abje thr~:~h ~~";'s;t~; Incom'e' and •expense' statements

· for income producing properties • are recorded with these forms.

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INSTRUcnONS FOR COMPLETION OF s_c_t_t.~

Rmok dOW!1 611cn 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 P ~ P•u<•no 0 - Ott""' I - lnduotrlul W ~ Wof~~~oo A • Ap.ortm""''

Not~ tr.. cotoq<><yl"'"l '""' ""~I"''"' ,.., uoo ol «mlul -&) '"" """' l>'OI>"rty. 11""""' Olll\o ••"'~~"'"'" Q~ply, pi<NI!K' i"IIOft I~• Pllri>C"IBr ~00 <>1 Ill~ ~p.oc:e.

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 np•e<t I~ •IIIUII..ct wllh •"PP'f'' to'lltO<y I<WnJiol. Por ~""mPI•, t"" (flnbol •PIICO moy b<> k><l~lotd on IM bo-n~ ~rot Uoot, soo;cnd IIQQr, ete. ,.. on ,..,..,.,lple •to•~<>~>. """" "'" &d III<(MJn~ .'.!1'1 llooro.

COLUMN 3-::TATI.IS 01' OCCUPANCY -rt NUflle ¢ l<ml>/lt If •p&eoo ll 0t;<>Ur>'8"

ln ... rt a 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 oKt•rtor MtO corl'lolor "''lllli. oom..,on <JO<rldn<"' oomm<><> re•lr<!Om <VI<! WMtlr<tOIII MM", nlo<two)lll. nr'ld SI\Qftrl dOYOIOQ to nlovator .ond

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

~uu ~-· Aru (PI'A) ~~ a y'>JI or '<ml<ll \hot tncl- 1h~ ••eW.tvo • ...., of"'"""' ,..... ptuo an &Uoc.t00t1

cr <~ammon "'~"" to ~..ah '""""~ """"" 1.<1 .. -lo 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:rol•gQtiO!J, ~"" lntWrt tt"lo unl! IM1 ~PIIIIIln to tho> r•niiiiiJ)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),

Vnoar • <;~rou ..,n101 l>aoto, til<> -·or po.)l!l all "F><'"•IIII\'1 """"n""" tontl<l J)I'Operty. ltn<l<ol' • nil\ ""'l.ol b&rol&. tno I'Mtonl II<'Y'o rtllll>~ OpotOoll~ .....,.,. ... If,. iuo<O<>Ittlit b<:l- U>eM two el .... "klo'""".._ ~- nQ\8 Qy ln....,..Jilg tho w<~rd ":l~arO<f'', <>th•rwloo IMOII elll"llP1' Of'ln or Nf'l!l <J..W 1n1o ool~fM.

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 """''k•l t•m !"" IM •P"""·

COLUMN 11-R~Al.IU:TA'I't: TAX C:ONTIUBIJTtON 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 ~o,m•otk~M"""·

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

llaoBIIllkm tneom~ flllmt to lncDrm:t lhat " teQOIWd ror o>ddiU<lnc.l ei!OI'l)OliO \III1AIUII. A prvr>otty ownu< may w relmbu....XS tor coeu. IIIICh ao 1n1111r•nco, uttltlloo lllld Qll'olr ltomn tNtt moy 1le oj)CIClttOd ood<>r lfltl te-. 110'1- 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.

COWUH 11-YUJIS R£MAINJNt: VNOfR LeASE Entlll" t1t0 n~mbollr cr )'Olll'l tnot roll'tm on tho ~oo»~~.

(:()~.liMN 1:1:-YU.R 0~ WT lli!;NTA.I.. I\1!Vl$10H tnl•lf Ill& I ... \ )'Oaf lflllllhO M/1101 w .. reviled l>o""U!IO 01 llf';ldVOI<Id OUIIii>OII. fOnCIWII\f., I~IJII<:t~ ""dlor any olllM ... RO(IO!l.

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I " l Chapter 91 ! I I

STATEMENTS BY OWNERS OF INCOME PRODUCING PROPERTIES ,[

II !I Chapter 91, Laws of 1979, approved by Governor Byrne on May 16, 1979, I'

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 1 reads as follows:

:

I I

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 1

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'~ immf'rli"t"'l"

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

Available through website

.

I I ! ' Realty Appra1sal Company 52

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MicroSvstems-NJ.com L.L.C. Software & fllFormatJOn Systems 985 Noute 262/266 Consulting Services 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 Hopewell Lumberton Mahwah Middletown

OPTIONAL FEATURES

Secaucus U. Saddle River Ventnor Wayne West New York

Certified MOD IV Center Regression Analysis Marshall & Swift SPSS Statistical Package Sketch Processor with Mouse Data Entry Service Available

53

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~ (201) 867-3870 Fax (201) 867-0203 ~J ~\:

'j WWW.REALTYAPPRAISAL.NET ' ;~:

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