NEW BASIS FOR LAND VALUATIONS

Chronicle (Levin), 20 December 1949, Page 7

NEW BASIS FOR LAND VALUATIONS

AUCKLAND, Dec. 19. Land valuations m New Zealand are Lo be assesed 011 the current values 01 farm production capilalised at 4 pei cent and not as at present 011 1942 values capitalised at 41 per cent. The Prime .Minister (Mr Holland; | announced this 111 an mterview today. He said the prn-.es of farni [uo'luce over the last li\e years and the prn-et that could reasonably be expected in the next live years wouJd also be considered. "The i per cent reduction in the cap italisation percentage appears to be paradoxical, ' ' M r , Holland remarked, "but it means a fairly substantiai in crease in the valuations." He could give uo indication when the l.and ftales Act would be amended. His technical advisers were delving thoroughly into the legalities of the question and he did not expecl to be able to tnake a statement un(il the New Year. Anticipating a generaJ rise in land; prices uptil the market had settled j under the new systeni, the Government i lioped to be able to feed a nuinber ofl Htate-owned sections on to the market' as and when- it was thought advisiable. ! This step, he hoped, could be taken by administration and without the j need for ixumediate Parliamentary I sanction. The Government owned 21,000 sections throyghout the Douiinion, although by no means all of these would be placed 011 the marketv