VALUATION OF PROPERTY.

Otago Daily Times, Issue 17974, 29 June 1920, Page 9

VALUATION OF PROPERTY.

TO THE EDITOB.

Sia, —The manner in which the Government valuer defended his side of the case before the Assessment Court is worthy of all praise, but hia method of arriving at the value of the land is absolutely farcical. He can value land without taking into consideration the buildings to be put upon it. All he requires is the sales of land taking place from time to time, of which, he says, he has a complete catalogue, and this is the method adopted 'by land agenta, who are really salesmen, but not valuers. This 6ystem was carried to such a pitch in another centre that property owners were compelled to associate for their mutual protection. The Chief Justice of this dominion endeavoured to find out from this olass of go-called valuer how he knew it waß tho price of the land, and waa referred to the sale of smother piece of land similarly eituated. How do you know that is the value of the land? queried his Honor, and the only reason given in support of the value wa9 a sheaf of sales. Would any sane and nonest man advise another to invest in an undertaking on such data? The price of ■land is made m the auction room, not the value of it. Everyone knows why land is pumped up to an enormous value If a business site, it is probably required for expansion ; if residential, the ■ purchaser has a particular fancy for that locality, and is prepared to sacrifice a few hundreds. T again, people go to sales with no fjred Tdea U< t 3 ' are carrie d away bv lb a excitcment of the occasion. I S eth t i ?\ Talui , n S » laid down by the Couit of Appeal, and is based on the * lwe , V ?J?« °i the land, la this S y^ s tho fi^ l2^ 0 put u P° n imd js tho first consideration. The valuer in this case, if not a builder, will rennirA +Vn» ° f - a buil<3or r Und that is pro . o h^ r r™ vaLr&e "ThTis^a^u^^ 11 BeMe Wy holder, beeaS^uM 7 lea9 =" io very much in evidence fisk£°th e ValUe nual rental value. The ° t Poland values is no light 3an S: in the case of e. leasehold^' I ? ter of supreme importance ! ,\ ma *~ putting up the annual gronnd - S at by the arbitrators, to auction Tl, ar i lTcd by ton an Church Board of abolished tliis, thus setting a I 9 which the City Corporation HarW e -^ m P' e and others might well follow Board ' ?.rsi i 4s. & " "A",; In conclusion, J -m'sh to make (>,„ gcstion that tho Government Bu,g--dispensed with, and the city valued ° n , Ix2 ion taken by the Valuer-gJneral iVew it. Why have two valuers Jeu ° f same ground? Moreover tho ? ° the have the real WUI tion room value.—l am, etc., c * June 28, 192 a George Clark.