LAND VALUATION

Taranaki Daily News, Volume LV, Issue 94, 6 September 1912, Page 6

LAND VALUATION

DEFINITION OF IMPROVEMENTS. (By Telegraph.—Own Correspondent). Wellington, September 4. The Valuation of Land Amendment? Bill brought down in the House bv th< Prime "Minister gives the following amended definition of ''lmprovements," which, it is now proposed, shall lie all work done or material used at any time on or for the benefit of the land, toy the expenditure of capital or labor by any owners or occupier thereof, in so far as the ell'ect of the work done or material used is to increase the value of the land and the benefit thereof is unexhausted at the time of valuation, but does not include work done or materia! used on or for the benefit of the land by the Crown or by any statutory pub' lie body, except so far as the same has | been paid for by the owner or occupier by way of direct contribution. The Bill also provides that unimproved value "of any land means the sum which the owner's estate, or interest therein, if unincumbered by any mortgage or the charge thereon, might be expected to realise at the time of valuation if offered for sale on such reasonable terms and ! conditions as a bona fide seller might be I exported to impose and if no improvement* as above defined had been made on the said land."