LAND VALUATION.

Manawatu Herald, Volume XXXIV, Issue 1025, 19 November 1912, Page 3

LAND VALUATION.

j The Valuation of hand Amendi merit Act. which comes into opera- ! cion alter the end ■ f the present financial year, deals chiefly with the vexed ([uestious of the definition of “improvements,” and “unimproved value.’’ Under the Act, “improvements” on laud are now defined as meaning “all work done or material used at any time or for the benefit of the land by the expenditure of capital or labour by any owner or occupier thereof in so far as the effect of the work done or the material used is to increase the value of the laud, and the benefit thereof is unexhausted at the time of valuation ; but does not include work done or material used on or lor the benefit of the land by the Crown or by any statutory public body, except so far as the same has been paid for by the owner or occupier, either by way of direct contribution or by way of special rates on loans raised lor the purpose of constructing within a county any road, bridge, irrigation works, water races, drainage works, or river protection works. It is provided, however, that the value of such improvements made out o floan moneys shall not exceed the amount of principal estimated by the Valuer-General to have been repaid by the owner in respect of such loan by way ot special rates. “Unimproved value” is defined as meaning “the sum which the owner’s estate or interest therein, if unencumbered by any mortgage or other charge thereon, might be expected to realise at the time ol valuation if offered lor sale on such reasonable terms as a bona fide seller might be expected to impose, and if no improvements (as defined above) had been made on the said land.” Ail native bush or native trees which have been planted for shelter or ornamental or utility purposes are excluded from the operation of the Act. Under the old Act, in section 6, it was provided, inter alia, that the district valuation roll should set out the “nature and value of the improvements on the land.” By the amending Act the words “on the land” are struck out, and it is also provided that any subdivision of the land must be set forth on the roll.