Welcome to the Southern New Jersey Chapter of the Appraisal Institute
Installation and Dinner Meeting: Informative Successes
On Tuesday, January 28th, the Southern New Jersey Chapter of the Appraisal Institute hosted its first dinner meeting of the year at the Adelphia Grand Ballroom in Deptford. The 2014 slate of officers and directors were installed, including Chapter President Jake Ramage, MAI, who is the chapter’s first president to serve consecutive terms. The keynote speaker was the 2014 Appraisal Institute National President Ken Wilson, MAI, SRA. He passed on his insight on Appraisal Institute’s direction in 2014 through a “State of the Industry” presentation that was both interesting and informative. Other special guests braved the winter night and pending snow and joined our members. This included National Board of Directors Member Tom Reynolds, SRPA, and Region VI Director Ryan M. Hlubb, SRA.
On Tuesday, April 1st, the chapter held its annual Appraiser/Assessor joint event. Nearly 100 people were in attendance to see new and old friends and colleagues. The 2-hour seminar “The Art of the Adjustment Process,” presented by George R. Brown, III, SCGREA & George L. Librizzi, SCGREA, started the event. The presenters reviewed the classical development & application of adjustments in the sales comparison approach. “Recent NJ Tax Court decisions suggest the lack of adequate support for adjustments will undermine the credibility of appraisals,” said Mr. Brown. “ A strong message has been sent to the appraisal community by the courts that absent substantiation of adjustments your valuation will be booted.” Textbooks were cited and the sequence of adjustments were analyzed, both for commercial and residential property. Qualitative and quantitative adjustments were considered. Substantiation of typical adjustments were explored including the application of paired sales analysis and other common applications. Simple linear regression were evaluated as a tool to check over-all values, value ranges such as neighborhood values, and to develop adjustment factors such as price per bedroom or unit. Utilizing the grid and selected sales as a framework for confirming adjustments was discussed. Other common sources readily available to appraisers and assessors were cited for support of typical adjustments. The concepts of customary and usual versus market derived adjustments were compared.
After dinner, “A View from the Bench: Reviewing Tax Court Issues & Recent Cases” was presented by Judge Patrick DeAlmeida. He discussed tax court issues & recent cases from across the state. As always, his insight and experience was a great benefit to all.
The Appraisal Institute is a global association of real estate appraisers, with more than 23,000 valuation professionals in nearly 60 countries throughout the world. Its mission is to advance professionalism and ethics, global standards, methodologies and practices through the professional development of property economics worldwide. Organized in 1932, the Appraisal Institute advocates equal opportunity and nondiscrimination in the appraisal profession and conducts its activities in accordance with applicable federal, state and local laws. Appraisal Institute professionals benefit from an array of education and advocacy programs, and may hold the prestigious MAI, SRPA and SRA designations. Learn more at www.appraisalinstitute.org. The Southern NJ Chapter holds 4 dinner meetings a year: January, April, September and November. All except the January meeting include 2-3 continuing education credits. This is a wonderful way to meet your CE requirement and talk to new and old friends and colleagues. For more on the Southern NJ Chapter, email email@example.com.