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Policy, politics and public management-A look at the impacts of judiciary on real estate - Essay Example
Author : watersiva
Pages 2 (502 words)
The strong economy in New Jersey has spurred development of real estate. The annual increase in the real estate due to new growth is based on the amount of new development and other growth in the tax base that is not the result of revaluation or normal market-based appreciation…
In the current analysis, residential and open space property in New Jersey classes are grouped together as residential, and commercial, industrial and personal property classes are grouped together as commercial. Statewide, residential new growth accounted for 53 percent of new growth; commercial accounted for 47 percent. These ratios were fairly consistent over the three years. An annual update policy is not appropriate or even possible, in every community. For example, a city or large town with a full-time assessing staff is clearly better equipped and more able to keep assessments up-to-date than a smaller community with a part-time assessment presence. The many technological advances in the tools available to assessors, however, make an annual update policy more attainable in many communities. A number of cities and towns have invested in geographic information systems (GIS) that can quickly bring complex real estate market trends into sharp focus. Powerful PC database and analysis tools have significantly reduced the effort required to perform assessment ratio studies and other analyses necessary to evaluate assessment levels and determine appropriate trending factors.
Does a governmental agency's denial of a development permit constitute a "taking" of real property The Supreme Judicial Court recently answered this question in the negative and rejected a propert ...