Price vs value
The difference between the price of something and its value was the subject of debate at the last Waimarino Town Planning Committee meeting. Whether the reserves contribution from an approved subdivision should be calculated on the property's valuation or its sale price was in question. Councillors heard that a recent subdivision saw the land valued at $30,000 but sold for $3000. That subdivision's reserve levy was set on the sale price rather than, as is legal, on its value. The district manager suggested to councillors that, in setting the levy, the council ask a developer the intended sale price as a starting point. If the council then feels that price is acceptable a levy can be set. In the case of dispute the district manager suggested negotiations could then take place with the developer. If still no agreement was reached then the matter could be referred to the ValuerGeneral for final determination. He also recommended that a bond be paid by
the developer to ensure that the reserve contribution is paid at the time each property is sold or within twelve months of entering into the bond, which ever is the sooner. The committee has recommended to full council that the district manager's recommendations be accepted.
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https://paperspast.natlib.govt.nz/newspapers/WAIBUL19881011.2.15
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Waimarino Bulletin, Volume 6, Issue 258, 11 October 1988, Page 3
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209Price vs value Waimarino Bulletin, Volume 6, Issue 258, 11 October 1988, Page 3
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