Assessment Court.

Taranaki Daily News, Volume XLVI, Issue 137, 14 June 1904, Page 4

Assessment Court.

RAHOTC, SATURDAY JUNE U. (Before Mr T. Hutchison, S.M., President, and Messrs Ewen Campbell and Alt' Hayley, Assessors. Thos. Tallin, Warea Hoad, objected to the assessment of the valuer en the ground that the area of cleared ground was incorrectly estimated. Tho capital value of the land was about £6 10s. (Valuer's figures: Section 23, block IX., Cape 5.1)., 145 acres, capital value £435, improvements £594.) The unimproved value when the land was taken up was 25s an acre. He estimated the cost of clearing and grassing at 30s an acre.

The Deputy Valuer-General offered to reduce the capital value to £905, or £6 13s an acre, the unimproved value to £499, and tho improvements at £466.

This was accepted, and the valuation entered as amended.

J. 11. lllcakley (capital value £2328, unimproved £1440, improvements £882) objected to tho amount of his unimproved value, which was lighter than that of his neighbours. The capital value was assessed at £l2 an acre, but he wanted £l4 an acre for it. The farm was on the main road, 191 acres. The valuer's assessment of improvements, £BB2, was about correct.

The Court : You make your unimproved value about £9 10s. To Mr Campbell : His neighbour wanted £ls an acre for his farm.

The objector had no schedule of improvements. Valuation sustained.

Vincent Tyrrell, lessee of a West Coast reserve, on the Kahui Road, objected on the ground that the valuation was excessive, having been doubled since the previous revision. Valuer's assessment : Capital value £1291, unimproved value £604, improvements £O9O, owner's interest £474, lessee's interest £l3O. The objector assessed the capital value at £ll3B, -and the improvements at £634. He purchased the place ten months ago for £750, and the valuer assessed it at £B2O. lie had only spent £8 in improvements. The Deputy Valuer-General offered to reduce the tnprovements by £7O. He could not alter the owner's interest.

The objector wanted the lessee's inr terest in the improvements decreased j by £56, and the owner's interest by 5 £l4. He thought the place would . lat now for 2s 3d an acre in its na- > tural state, with adjacent sections , in their present improver! state. The rent was now Is (id an acre. The > place had been ill the market for l nearly a year before he bought it. The assessment was reduced to [ £1224 capital value, and improve- ■ ments £O3l, the owner's interest be- ,. ing left intact, and the lessee's re- [ duced to £ll6. Charles Crisp, Kahui Hoad, ob- " jected to the valuation on 50 acres leasehold : capital value £193, owner's interest in unimproved value £lO4, improvements £143. The unnual rental was £1 17s Od. He estimated tho freehold value at about £6 an acre. Without improvements the property was worth not more than £1 an acre. It was really a cemetery for cattle. lie wanted the owner's interest reduced. The owner's interest in the uoimprovetl value was too high, but. there was no objection to the capital value. Samuel Hill, valuer, Eaid the unimproved value was fair. He had had to add £2OO to the improvements on account of a house erected Hinco his revision in November last. The capital value of the property was £7 10s an acre. To tho objector : Without improvements the land was assessed at £3 an acre, and it would bring 3s an acre now in its natural state. Charles Wells, leaseholder (sections 37 and 38, block 4, Cape 5.1)., area 431 acres, capital vulue £4513, owner's interest in unimproved value £2401, lessee's interest £619 : lessee's interest in improvements £1493, annual rental £BS 2s) objected to the owner's interest being raised owing to the swampy nature of the soil, distanco from port or railway, and because the dwners had ;

Mia opinion was that tlm owners' interest should lie reduced by twenty or thirty shilling:-; an acre.

Tho \aluation Department's representative asked no <;!ue»tions, holding the objector had made out no case, and was under a misapprehension. The objection was withdrawn, on tho Court repeating its Opunake decision.

W. K. Wright, freeholder, objected to his capital value of £l2, on the ground that the values must be reduced on account of (he drop in the butter market, a drop which the experts informed him would be permanent.

The President : Who is the expert ? Is he a buyer ?

Mr Wright : No, sir ; the secretary of the Dairy Association and a reliable man. The objector continued tlmt his advances per box of butter had dropped from £2 (is (id to £1 l">s, and dairy factories were paying only 7d per pound for butter-fat as against 9d per pound during the past two years. Ilis land was not suitable for grazing or fattening cattle. If the butter market had kept up lie would not have objected to. the valuation.

The President remarked that he had expected this argument before. To the Court : Tho land was not suitable for sheep. It would not stand continuous cropping. It would grow rape.

To Mr G. F. C. Campbell : Witness got £l3 an acre during the "butter boom" nearly three years ago for adjoining property, ' well drained with stone drains. Was not aware that the settlers had the right to claim a revaluation in, case of a slump, lie did not know of any freehold sales in the district since the drop in the price of produce. The keen demand of the past two years for dairying land had almost entirely disappeared.

Mr Campbell : Hasn't it been stated by the president of the Farmers' Union that at eightpence a pound for butter farmers can pav £25 an acre for land ?

Mr Wright : He's not a dairyman. I saw that with butter at sixpence a man can pay £2O an acre for land but I don't believe it. If butter keeps at its present value there will be a drop of 30 per cent, in land. I don't think I would find a buyer at £l2 an acre. I would not take a fourth down and leave threefourths of the purchase money on mortgage. I want half cash. I sold a section opposite for £7 an acre three years ago. Last year it was sold at £l3. It will soon 1, 0 back to £7 an aero. There have been no sales lately. Mr Hutchison : That is your point, then ; that tho land is so high now that no one will buy. Loud applause, stamping and clapping amohgst the public present showed that this was the general opinion. The tumult was instantlv suppressed.

Mr Campbell quoted that factories were now making three years' contracts lor B£d for butter.

Mr Wright ; Well, up till now the factories have been paying lOd and /' I b " tter goes up I won't take £l2, but If it goes down I'll take it from tho first man offering, I will soil at £ll an acre now.

Ml- Camp-bell : Will you offer It to the Government for that ? Mr Wright : I think so. Mr Ilill ; We'd better have it, then Mr Wright : My terms are cash! though, to tho Government.

Mr Campbell pointed out the provisions of the Act that the objector could compel the Valuation Department to reduce the capital value to buy at £ll an acre.

Mr Ilill said he could sell the farm within a month tt t £l2 fl o ncre. The valuer, Mr 11111, said hp was not armed on the butter question. This was practically a dairying country, but was also suitable for fattening cattle. This property could bo sold at £l2 an acre or over The unimproved value was £8 ; of the adjoining sectioji about £ll 10s Othpr prqpertics soli) thero were at £1.3 an acre ii> IUOB, unimproved value £8 12s, and at £25 on the Kahui Road last week, unimproved value £ll. Again, a freehold farm was sold at the bottom of the Pungarehu Road without buildings at £l2 10s an acre a while ago. At auction Mr Bayly sold three farms at £lB 10s, £l9 find £lO 10s per aci-e, and tho sott|crs of tjie district were the purchasers. Other sales were quoted at from £l3 to £ls an acre. He had not remarked an\ decrease in land. Theix* was no apprehension on the part of butter buyers, and no drop in land values in Tarunaki.

To Mr Wrjght ; Thp sjiles were npt ancient history. He did not. know that the sale at £ls an acre Included cows, horses, drays, etc. Mr Wright : It did, though. The llawera district valuer, Mr Coutts, guvo evidence that ho had seep no drpp ii) lftnd values, consequent on the reduction In tho prico of tatter, which had not yet affected the land market. He had never been in an assessment court whero the farmers had not prophesied ruin and disaster. To Mr Wright : The value of bullocks had fallen ,since last year. The ''cheese drop" was worse than the butter drpp," There were no spies now. The President : Mr Wright, the Court understood you to say that you will take £ll an acre for your farm now ? Air Wright : I would not, but would take £l2. Valuation sustained. A large number of objections were withdrawn, somo cases having been arranged. The Court rose about 3 o'clock.