LAND REVALUATION

Hawera Star, Volume LII, 28 January 1933, Page 7

LAND REVALUATION

BASED OW PRODUCTIVE CAPACITY SCHEME; TO HELP FARMING. , A scheme for the solution of the. farmers’ difficulties was put forward 'by Mr. W. B. = Fletc;her • .(AVaiion) »at a conference held in .Welington T ast : week. Mr. Fletcher said most of the ] valuations of farm lands had been based on the speculative value paid for similar land in each .locality, and not upon the productive value. That method of inflating the producing lands had contributed very largely to the present position. An immediate revaluation was therefore necessary. That would be made bv the occupier or owner.on a special declaration form, which would contain the necessary information regarding the. farm’s operations and carrying capacity. The valuation, would he based* upon a gazetted price level for all primary products, and would stand good for seven years, at the end of which time another valuation would be necessary. Mr. Fletcher said various' checks would be provided, and in all cases where the present mortgage exceeded the declared value, 'the mmtgagee would be given negotiable interestbearing bonds. A provision Mould be made that no legislation should interfere with existing mortgage contracts, but they would be adjusted, allowing registration up to the declared value. The whole scheme Mould be managed by a realisation trust board, eompletelv independent to political control, which would arrange all adjustments, issue valuation forms, collect- .sales tax, attend to bond interest Payments, and redeem bonds from time to time as the funds permitted.