FALL IN LAND VALUES.

Auckland Star, Volume LXII, Issue 85, 11 April 1931, Page 6

FALL IN LAND VALUES.

MORRINSVILLE FARMLETS. EFFECT ON THE RATES. (From Our Own Correspondent.) MORRINSVILLE, Friday. So many farmlet properties in the borough of Morrinsville have been reduced in valuation under section 50 of the Valuation of Land Act during the past year that if the same rate in the pound is levied for the present year the total rates levied will be £300 less than last year. At last evening's meeting of the Borough Council advice was received that eight more ratepayers had been successful in having their valuations reduced. Last year reductions in valuations amounting to £2500 had been made, and for the present year to date the reductions were £4495.

"We cannot do anything at present, but these figures just show what has happened and what will happen," remarked the deputy-Mayor, Mr. B. Chapman, when the council was perusing the figures. He added that it was significant that the reductions referred exclusively to sections not built on in the outer areas, and reductions had not been granted to ratepayers in the business area, where rates were already heavy. It was obvious that if the whole borough was revalued in the same way, the rates in the business area would remain the same, and the rates of the whole of the outer areas would be reduced. This would necessitate increasing the fates payable by the business area, and consequently an increase in shop rents. ... The council agreed that the matter was one which chambers of commerce might take up. The council had circularised all local bodies urging the repeal of this section of the Act, which allowed revaluations without giving local bodies an opportunity to object to the new values. It had also urged the Government to suspend the section temporarily, but without success. Among the properties revalued was a small farm reduced from £2400 to £1200, another from £1800 to £900, others from £330 to £160, £480 to £240, £2750 to £1700. The last valuation was in 1926.