HAMILTON PROPERTY.

Waikato Times, Volume 96, Issue 15361, 9 October 1923, Page 5

HAMILTON PROPERTY.

REVALUATION OF BOROUGH NEED FOR EARLY START. , ESTIMATED OVER MILLION RISE. I \ discussion on the valuations in / Hamilton arose at a meeting of the " Hamilton Chamber of Commerce, last night, when Mr J. E. Tickl mentioned that the town was' duo for a re-valua- . tion to operate for the period comi mencing from April 1, 1924. If this " was to take effect immediate commencement of the work was necessary. The much-needed re-valuation of the soldier settlement lands was about to be commenced. This, no doubt, would throw heavy additional work on the Valuation Department, and might affect municipal re-valuations. Therefore it was within the province of their Chamber to ask the Council to impress upon the Valuation Department the necessity for taking the matter in hand without undue delay. The system of rating upon the unimproved value to be just and equitable must be up-to-date, and three years was the longest possible period which should elapse between valuations. The present valuation of the Borough was in the vicinity o.f £4,000,000, approximately half representing improvements, the balance being the unimproved value. Quite £1,000,000 had S been spent in the Borough during the past three years, and was embraced in municipal activities such as sewerage, electric lighting, increased water supply, kerbing and channelling, the enterprise of the Railway Department at Frankton, the erection of commercial and business premises and houses all over the Borough. The whole of these Improvements were reflected in increased land values, and a re-valua-tion would probably reveal an increase approaching £1,000,000 in the unimproved value. If there was no revaluation, in order to meet the interest on present loan expenditure, it would not surprise him if the rates were increased by 33 per cent, and in operation this would mean a tax in some parts of Victoria Street of nearly £0 per foot. The case was instanced of a section 120 ft. x 110 ft., valued at £220 per foot, on which the rates last year were £372. For the year ending next March the amount was £4oo—an equivalent of £3 6s 8d per foot, which showed that the rate was increased last year by 7 per cent. The argument might be raised that it was not the business man, but the purchaser of the goods, who paid the rates. If that was so, where did the holder of the vacant section come in? or the owner of the partially improved one? The valuation in the northern portion of Victoria Street might be found to be stationary; but commercial activity in other portions of the town would no doubt reveal in some cases an increase of 500 to 600 per cent, and these values should bear their fair proportion; otherwise a very farreaching injustice would be perpetrated. In municipalities where rating on the capital value was in force, as each building permit was issued, the increase was noted, and the increase in rates automatically ensued. This was \ given as a reason why municipalities rating on the . \ unimproved values should receive first consideration liy the Valuation Department. Members' generally agreed with Mr Tidd's remarks, and it was decided to bring the, matter before .the Borough Council.