LAND VALUATION.

Otago Witness, Issue 3312, 5 September 1917, Page 14

LAND VALUATION.

In connection with the agitation amongst land-owners in the Clutha district concerning the new Government valuations, an address was given by Mr J. A. Anderson, of Mornington (lato of Waiwera), before the Clutha Branch of the New Zealand Farmers' - Union. Mr Anderson urged that more attention should be paid to the proviso in the act, which sets out "that valuers shall be persons of reputed local knowledgo of land values." He pointed out that at a recent sitting of the_ Assessment Court, in answer to a question, the magistrate ruled that the value of land was what it was estimated to bring at an auction salo for cash. Mr Anderson (who has himself been a Government valuator) contends that the magistrate was wrong In his law, as an amendment to the .Valuation Act in force for the last 16 years reads as follows:—"Capital value of land means the sum which the owner's estate or interest therein might bo expected to realise if offered for salo on such reasonable terms and conditions as a bona fide seller might bo expected to require." Ho points out that the usual terms and conditions in selling land are to leave from two-thirds to three-fourths of the purchase money on the security of the land, at a rate of interest somewhat below the market price. As money-lending institutions will now advance only up to three-fifths of tho value of the security, the reasonable terms and conditions alluded to should sell land at much "above the cash value. Mr Anderson gaA - e th>"> following summary of his views for the better workincr of tho Valuation Act: 1. That tho clause in tho Valuation Act providing for valuers having a reputed fn -a' of land values be more strictly enforced. 2. T • '■"■' K -" K " valued at its cs-

timated cash value. 3. That 21 day= bo allowed to an owner to file an objection to a new valuation of his land. 4. Tb''t the diW s of the Assessment Court be confined to hearing evidence nn'i fixing- the value of objected lands.

B. T an own or shall hnve 14 days in which to file an nVneotion to tho Assessment Court's value. 6. Should the Valiier-Gpppral and on objector to the Assessment Court's

valuation be unable to agree to a value, then the Government will take over the land at an average price between the owner's and the department's first valuation, with 5 per cent, added, or reduce the value to that of the owner.