CITY REVALUATION.

Star (Christchurch), Issue 16330, 20 January 1921, Page 4

CITY REVALUATION.

MILL BE FINISHED IN MARCH. The revaluation of the city is proceeding at a satisfactory rate, and it is understood that the hulk of the. work will be completed by March 31, the date at which the city rates arc levied.

The revaluation is expected to get the city out of financial difficulties, for the council is already rating to the limit permitted by law. and at the same time increasing its overdraft'. With higher valuations all round, the present rate, or possibly a lower one, will be sufficient to cany on the city's affairs without incurring an overdraft. The last valuation of -he eitv was made in 1911, and there is a good deal of speculation as to the amount of the increase.

Five valuers art engaged, and their field books are. made up to include city blocks, so tha.fi they can cover the work expeditiously. When the valuation is finished the Valuation Department will issue notices to the owner*, and they will have an opportunity to lodge objections. experience shows that the objection* as a. rule do not amount to five per cept of the total valuations. Alnny persons in the past have been under the impression that the Government valuation is supposed to be at least ten per cent the real value. The Valuation of Land Act. however, lays it- down ibat the capital value—that is, the value of land and improvements— is what it might bo expected to realise under reasonable terms on a bona fide sale. In connection with this matter it is interesting to ndie the experience of a Canterbury man who has recently come from the north, where he found that in the Auckland district, at all events, ihe valuations were not anything like ah close to the market values as they were in Oantorburr. The City Council will prepare its rate notices on the new valuations as at March 31 next. The last rate notices went out in the middle of last September, and at the expiry of six months and fourteen days from the date of the notice a penalty- of 10 per cent accrues.