At Meehan Valuation, our team of appraisers utilize the best technology available to bring you quality reports with typical 10 to 15 business day turnarounds at competitive fees. When James Meehan formed Meehan Valuation, he saw a need within the lending community for higher quality reports with faster turnaround times. Our cutting-edge report writing software allows us to cut close to week in the process. Further, by having national CoStar access, most local MLS access and Argus Enterprise expertise, we can provide a wide range of services for all your valuation needs. Our collective body of knowledge allows us to provide a large breadth of services, able to value almost any property type in the New Jersey market area. Give us a call today to see how we can enhance your appraisal process.
At Meehan Valuation we also provide review services for most property types in the region as we are licensed in New Jersey, New York and Pennsylvania. All reviews are USPAP compliant. Mr. Meehan has performed over 500 reviews for local lending institutions.
The role of the appraiser is different when appraising real estate to be acquired by eminent domain than when appraising real estate that is purchased in standard open-market transactions.
“Eminent domain is defined as the right of the sovereign government to take private property for public use upon payment of just compensation.” Most government agencies including federal, state and local municipalities together with their various public agencies have this authority.
With a typical private property transaction, the seller lists the property for sale at a price the seller determines is reasonable. The seller would typically control the circumstances under which the property is made available for purchase. Potential buyers then view the property and make a conscious decision if they want to make an offer on it. However, under eminent domain, the purchaser, (usually a government agency) identifies all or part of a property needed for a public use/benefit. That property is normally not listed for sale and the seller has little to no control over whether to make the property available for sale or not. The buyer approaches the owner after the public use project has been planned and approved for acquisition. The buyer than makes an offer usually referred to as just compensation.
In developing the opinion of value, the appraiser must recognize if the property to be acquired is a full acquisition or a partial acquisition. If the acquisition is a partial taking, the effects of the acquisition and the public project as proposed on any remainder property must also be appraised and valued as part of the property owner’s just compensation. Effects that reduce the value of the remainder property may be compensable as severance damages.
Why an Experienced Appraiser?
In condemnation proceedings, the appraiser may be required to testify in depositions or in trial. This means the appraiser must be knowledgeable and experienced in presenting direct, and cross-examination testimony. Due to these very specific complexities as well as the potential legal proceedings, an experienced appraiser is needed to get the assignment done right.
No other operating cost effects the debt service coverage ratio, cost of occupancy or rates of return like property taxes.
As many know, New Jersey is the most heavily taxed state in the country. The property tax burden on many income producing properties ranges anywhere from 10% to 30% of gross income. Due to this extremely high cost, it pays to monitor your properties tax burden. James Meehan has over a decade experience preparing tax appeals. Early in his career, he specialized in the defense of tax appeals for many New Jersey municipalities. Currently, Mr. Meehan provides tax appeals services primarily for private individuals. Tax appeals in New Jersey must be appraised as of October 1st of the preceding tax year under fee simple ownership. The following link provides equalization ratios to apply to the tax year under appeal https://www.state.nj.us/treasury/taxation/lpt/chapter123.shtml
Why an Experienced Appraiser?
In tax appeal proceedings, the appraiser may be required to testify in depositions or in trial. This means the appraiser must be knowledgeable and experienced in presenting direct, and cross-examination testimony. Additionally, the appraiser should be up to date on recent case law and tax appeal theory. Due to these very specific complexities as well as the potential legal proceedings, an experienced appraiser is needed to get the assignment done right.