ASSESSMENT COURT

Southland Times, Issue 17794, 26 July 1916, Page 3

ASSESSMENT COURT

CITT VALUATIONS CONSIDERED. Messrs G, Cruickshank, S.M., John Stead and C. E. Todd presided over the Assessment Court yesterday when a start was made with the hearing of objections to the recent valuation of properties within the borough. Mr M. .MacaMster appeared for the Department, while Mr J. F. LilUcrap, as solicitor to the Citizens' Committee, conducted the cases of most of the objectors. In his opening remarks, Mr Macafister said that the last valuation had been in 1911, and the various forward steps which the town had taken since then made it impossible to delay re-valuation any longer, inasmuch as the march of time had brought about great inequalities in the matter of rates and taxes. At present some owners were paying more than their share while others were escaping far too lightly. In reply, Mr LilUcrap argued that values had shown a decided decrease in the past year or two, and contended that the present was a most Inopportune time for a re-valuation. Following are trie details of the various objections:— John Taylor for Messrs McOruer, Taylor and Co., stated that his firm had leased the property on which their shop stood about 3% Years ago. His firm had occupied the same site for 25 years. The reason they had offered so high a rental was that they couldn't afford to leave their old corner. They had a 60 years’ lease with a revision of the rental every 15 years. At present they were paying 1791 per year for their section of 68ft. on EuK street and 97 on .Dee street. There were three good buildings on the property when they leased it. and the rental covered those buildings. The present unimproved valuation was £10,600, but he considered that £8420 was a truer estimate. To Mr Macalister: As an outsider he would not give more than £B4'.’o for the property. The lease contained a clause that his firm was obliged to spend £BOOO cn new buildings, such buildings to revert to the owners at the end of the lease. His firm had sub-let the adjoining shop for which they were getting £2OB per year. Cba*. Wrn. Brown, land valuer, said that he had been In business in Invercargill for close on 40 years. Witness was corporation valuer and had also acted for the Government at various times. He had assisted in the mil valuation which seemed to him to have been a very acceptable one. Regarding the value of land since 1911, witness was of opinion that business sites in the centre of the town had advanced about 15 per cent., but most other properties were unaltered, while sonic suburban sections had decreased In value. His estimate of McGruer, Taylor’s unimproved value was £8420 that being 15 per cent, of the 1911 valuation. To Mr Macallster: He considered i&420 a fair market value for McGruer, Taylor’s section. Daniel P. Varcoe, Government valuer, stated that he had had considerable experience as a valuation expert. He considered £10,600 as a fair selling value of the land leased by Messrs McGruer, Taylor and Co, Witness considered the corner position of the section in question a great asset. To Mr LilUcrap: His valuation of MeGruer’a property was made on £791 •s a ground rent. After hearing the evidence of Mr Koyds, agent for the trustees of the late J. T. Thomson (owners of the property), the Court reserved its decision pending the hearing of the objections concerning the three opposite corners. Mr Eric Russell, on behalf of Hallenateln Bros., contended that their unimproved value of £9400 was excessive, and ought to be above £6900 which was dIS per cent, of the 1911 valuation. John M. Dore, manager for Hallenstein •Bros, stated that his firm was in the habit of letting portions of Us buildings, but now found it very hard to secure tenants. At present its rent roll totalled £lB 2s 8d per month. Mr Brown also gave evidence. Daniel Varcoe, Government valuer, oald that hla valuation of £9400 was supported by sales and rentals in the vicinity. Evidence was also taken regarding the Abjection of F. J. Bowden and Co. W. Lewis and Co. (Mr LilUcrap) objected that their 1911 unimproved value of £7820 should not have increased to £11.500. Mr Colin Lewis, In the box, stated that, as far as he was concerned, the increase should only have been from J5 per cent, to 20 per cent. Mr Varcoe. In evidence, said that his valuation was supported by rentals in the same block, notably the two shops leased from Lewis and Co. by Mrs MrNatty and J. D. Campbell, with together returned £8 per week. Lewis and Co. had leased the two floors of these shops for £B, and thus retained the upper floor free of rent. The Invercargill Athenaeum protested against Its unimproved valuation of £9300 on its Dee and Esk streets corner building. The oecretary, Mr Sproull, stated that the previous valuation was £B3BO. Witness thought the maximum value of the land was £BOOO. Mr Brown valued the land at about £7IBO. Mr Varcoe having given evidence as to his belief that the land was really worth more than his figure of £9300, the Court adjourned at 5 p.m. till 10.15 this morning.