PROPERTY VALUES

Hokitika Guardian, 14 November 1933, Page 8

PROPERTY VALUES

OFFERINC LAND TO CROWN SECTION TO BE SUSPENDED WELLINGTON Nov. 11. Problems of land valuation and taxation, raised by the heavy fall in land values during recent years, were discussed at a meeting of Coalition members of Parliament held yesterday. The Valuer-General, Mr. T. Brooks, was present. It has long been felt.that an unfair advantage has on occasions been taken of the section of the Valuation of Land Act which enables a land owner dissatisfied with his valuation to have the property- acquired by the Crown at a reduced value. Three possible methods of dealing with the difficulty presented themselves :—To suspend the section, to delete it altogether, or to adopt a universal reduction of land values by a certain percentage. One of the difficulties of the lastnamed course would be that valuations of many properties have already been severely reduced. It would be possible, however, to give local bodies power to iiopiy a general reduction only in cases where the valuation had not already been altered.

The section of the Act laying down the conditions under which an owner may require a- new valuation also received the attention of- members. Jt is definitely understood • that an amendment to the Valuation, of Land Act, 1925, will bo brought down during the present session. The likelihood is that the section allowing owners' to offer their land for purchase by the Grown will be suspended for a period of years.