§ 2A:56-50 — Heirs property in partition action, fair market value determination.

6. a. (1) Except as otherwise provided in subsection b. of this section, if the court determines that the property involved in a partition action is heirs property, the special master shall direct a determination of the property's fair market value, assuming sole ownership of the fee simple estate, be made by a disinterested real estate appraiser licensed in this State. On completion of the appraisal, the appraiser shall distribute the appraisal to the parties and file a sworn or verified appraisal with the special master. (2) Within 30 days after an appraisal is filed, the parties may file objections with the special master. (3) Following notice in accordance with the Rules of Court, the special master may conduct an appraisal hearing to determine the fair market value of the property. In addition to the appraisal, the special master may consider any other evidence offered by a party. b. If all cotenants have agreed to the value of the property or to another method of valuation, the special master may accept that value or the value produced by the agreed method of valuation. L.2025, c.88, s.6.