VALUATION OF LAND.

Auckland Star, Volume XLIII, Issue 213, 5 September 1912, Page 7

VALUATION OF LAND.

IMPORTANT AMENDMENTS. PROPOSALS IN GOVERNMENT'S BILL. (By Telegraph.—Parliamentary Reporter.) > WELLINGTON, Wednesday. : The Valuation , of Land, Amendment Bill circulated this evening proposes inter alia to alter the definition of ' "land"' to mean all Imkl tenements or ' hereditaments, whether corporeal or in- ■ corporeal, in New Zealand, and all. chattels or other interests therein, and all 1 timber and flax growing or standing i ' thereon, provided that native bush or : native trees which have been planted ' -for shelter or mental purposes shall not be included iif the definition, of ' land. It is proposed to repeal the present definitions of "unimproved value" ! and "value of improvements," and to substitute "unimproved value of any land means the sum which the owner's estate or interest therein, if encumbered by any mortgage or other charge thereon, might be expected to realise at the i . time of valuation if offered for sale on such reasonable terms and conditions as a bone fide seller might be expected to impose, and if no improvements (as herein defined) had been made on the said In"'!'. Value of improvements means the added value which at date of valuation the improvements give to the land." In the original Act, subsection D of , the clause dealing with the preparation of a district, roll sets out that the nature and value of the improvements on the land shall be stated for valuation purposes. Th* amending bill proposes the omission of the words "on the land."' , Another alteration is in the addition of . a sub-clause providing for the correction ! of valuation by the Valuer General of ■ any subdivision of the land.