CITY VALUES.

Press, Volume LXVI, Issue 19940, 29 May 1930, Page 4

CITY VALUES.

CONFERENCES IN SYDNEY.

It is now realised that the valuations of city property on which the rates and taxe3 for the current year have been levied cannot be regarded as a criterion of the present value of land within tho city area, says the "Sydnev .Morning Herald." The increase in the assessments made by tho City Assessor during 1929 was over £10,000.000. As a resulf of the conferences which he has had with owners, or their representatives, who were dissatisfied with the valuation. the increase has been reduced «-o £6,600,000. That, however, can only be regarded as a "compromise*' figure. Many oi the firms which had their valuations considerably increased came to the conclusion that it was better to come to an arrangement with the City Assessor rather than that they should have to fight the case id Court and produce, lor the consider,rcion ot the Judge of the Land and Valyation Court, figures showing the bit: .-eduction in the net returns from i>;'»;i -rty or business investments this year as compared with the last two years. It was felt that to do this generally, as had been arranged for. would precipitate a crisis in real est a to business, which is what all persons concerned desire to avoid at flip present time. There is considerable dissatisfaction ot the refusal of the City Commissioners to postpone the enforcement of the ii'!"' valuations for the current year, so that a fresh valuation might be made before- the additional taxation would bo imposed. The consequence ot the increased assessments is that city property owners in city rates, rates, harbour bridge tax. Main Roads Board levy, and Federal Land Tax will have to find this yaar almost £200,000 more than last year This will appreciably reduce the earning power of city property during the current vear, and is the one outstanding reason for so little business now being done in real estate in the city. Actually, there is very little market for city real estate at the present time. Speculators have ceased to be interested in it. There are many enquiries on behalf of firms which are prepared to develop their business, or extend in other directions when the opportunity offers, but they are not prepared to pay the reserve figure fixed by owners. There is no means of comparing values, as there have been no important sales in the city this year Hence it is felt that the only solution is to have a fresh valuation made by the City Council on the basis of actual current values. A requisition asking for that will shortly be submitted to the City Commissioners, and the matter will be discussed at a r>uMir meeting of city property owners, which will be convened at an early date Meanwhile, the candidates for aldermanship under the auspices of tho He-

form Association and of the A.L.P. ore advocating the immediate and conservative valuation of city property for rateable and taxable purposes. It is, therefore, evident that even should the City Commissioners not agree to bave the city revalued, the new City Council on its assumption, of .office will give directions to that effect, irrespective of which party has a majority.