For the 2019 tax year, the Town of Westfield, Union County, New Jersey underwent a revaluation for tax assessment purposes. Under the revaluation process, every property in town gets a new assessment. This is intended to represent 100% of market value, as of the date of valuation. (For tax assessment purposes, the date of value …
Have you ever heard the term “special-purpose property?” The Appraisal Institute defines such a property as “a limited-market property with a unique physical design, special construction materials, or a layout that restricts its utility to the use for which it was built…” Typical examples of special-purpose properties are schools, churches/houses of worship, museums, theaters, etc. …
In my business, I will typically consult with a prospective client prior to being retained. Sometimes, this can result in me not getting an assignment. Case in point: I was recently asked by an investor to appraise an office building here in Somerville. Knowing quite well the property and its specific location, I was aware …
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