VALUATIONS UNDER LAND AND PROPERTY TAX ACTS.

Patea Mail, 10 July 1882, Page 4

VALUATIONS UNDER LAND AND PROPERTY TAX ACTS.

There has been laid on the table of the House a return showing the valuation of each county and borough under the Land Tax Act 1875, and the valuation of each such county and borough under the Property Tax Act 1879, on the motion of Mr Pyke. Attached to such return is the following memorandum by Mr Sperry: “ The accompanying return of the assessed values of property under the Land Tax Act, and under the Property Tax Act, requires an explanation to account for the differences between the values of land, together with improvements, under the former Act, and the property assessment values. By the Land Tax Act land held under lease or license from the Crown for pastoral and other purposes, Native lands occupied by Europeans, charitable, religious, and educational reserves and endowments, and municipal and other like reserves and endowments, when occupied by a tenant, were set down at the capital value of land and improvements, but by the Property Assessment Act such properties are not assessed at the capital value, but at that of tenants, interests only. The property assessment valuations were at a reduced rate in consequence of the very general depression in real estate, the provision for assessing certain leased properties at 14 times the rental, and the operation of the provisions for assessing at the cash value to sell by auction. I consider this will account for £14,998,210. The assessments under the two systems would thus be reconciled. Properly tax, £73,953,182. “ I estimate that the following figures fairly give such difference in value : —l. Lands held from the Crown under lease or license for pastoral or other purposes, £6,095,464 ; 2. Native lands and Native reserves occupied by Europeans, £2,078,851; 3. Reserves and endowments of Municipalties and other local bodies, including Harbor Boards, Boards of River Conservators, &c., £751,184 ; £. Educational reserves and endowments,

£624,713 ; 5. Religious and charitable reserves and endowments, £877,287 ; 6. Other reserves and endowments, £187,788; Depreciation, £14,993,210; Land tax, improved values, £99,566,679. “In the Boroughs of Auckland, Hawkes Bay, Wellington, Nelson, Canterbury, and Otago, under the Land Tax valuation, the unimproved value was £14,361,578 ; improved value £26,958,516; under the Property Tax Act, £22,426,981. In the counties, in the foregoing districts, as follow:—Unimproved v.alne under Land Tax, £43,212,290; improved value, £72,608,163. Under Property Tax, £51,531,201. “ Totals Land Tax : Unimproved value, £62,537,868 ; improved value, £99,566,679. Property Tax, £73,958,152.”