TAUPO TOWN VALUATION

Taupo Times, Volume II, Issue 71, 27 May 1953, Page 5

TAUPO TOWN VALUATION

"FAIR: CURRENT SALE VALUES" The Secretary of the Taupo Ratepayers' Assoeiation, Miss Wehringo, has handed us the following eopy of a letter received by her Assoeiation from Mr P . J. Doyle, District Valuer, Valuation Department, Rotorua, with a request for its publication in our eolumns. Mr Doyle's letter, which was sent in reply to an enquiry from the Assoeiation as to the basis upon which the recent valuation of the Taupo Town District w$s made, is as follows: — "In answer to your letter of February 20th. When the revaluation was made in 1948 the "Soldiers Settlement and Land Saies Act" was in. force and values were controlled to a basis which was fixed on 1942 values. As from February 23rd., 19:50 this Act no longer applied and the present revision was made under the Valuation of Land Act 1951 which defines the various values as follows: 'Unimproved Value of any land means the sum which the owner's estate or int.erest therein, if unencumbered by any mortgage or other charge thereon, might be expected to realize at the time of valuation if offered for sale on such reasonable terms and condltions as a bonafide seller might be expected to impose, and if no improvements had been made to the said land.

'Value of Improvements means the added value which at the date of valuation the improvements give to the land. 4Capital Value' of land means the sum which the owner's estate or interest therein if unencumbered by any mortgage or other charge thereon might be exp ected to realize at the time of valuation if offered for sale on such reasonable terms and conditions as a bona-fide seller might be . expected to require. Free Market Values. "The new values are therefore free market values and should be no more or less than fair current sal,e values. I regret that I am unable at the moment to give any indication of when I will be in Taupo but I would like to mention that every effort will b,e made to interview personally those people who lodge objections, in order to discnss and possibly settle th,e difference of opinion. At this stage it might be of some help to your Assoeiation if the Town Board could give some indication of whai the rate in the pound, based on the new values, is likely to be."

(Note: — Mr Doyle's letter makes it quite clear that the basis upon which 1 the Valuation Department'; office ra J must make their valuation is that it ; should express the "free market val- J ue" and shouli be neither above nor below the fair f elling value of the1 property. This was expla ned in an 1 article published in the Taupo Times j of February 11th. last, page six, ] headed "New Taupo Valuation." The ! rates proposed to be struck for the j current financial year are reported elsewhere in this issue. The period | during which objections to nsew valuations could be lodged ended on Monday, February 16th. A total of thirtynine objections was lodged, the total number of assessments being approximately 1 ,800. — Editor . )