ARBE 6372 - Statutory Valuations: Practical Applications Report

This report provides an in-depth analysis of statutory valuations, addressing key aspects such as crown leaseholds, subdivision development sites, and heritage-listed properties. It references the Crown Lands Act of 1989 and the Valuation of Land Act of 1916, outlining legal requirements and restrictions. The report explores improved sales evidence, considering comparable sales and improvements, referencing cases like Tomago Aluminium Company Pty Ltd v Valuer General. It also addresses the role of a rating and tax valuer, referencing relevant sections of the Valuation of Land Act. The report includes a detailed discussion on GST's impact on rating valuations, referencing court cases such as CSR Ltd v Hornsby Shire Council and Pebruk Nominees Pty Ltd v Woolworths (Victoria) Pty Ltd, and the Valuer-General's instructions. This report is designed to provide a comprehensive understanding of statutory valuation principles and practices.

Running head: STATUTORY VALUATIONS 1
Statutory Valuations

STATUTORY VALUATIONS 2
Table of Contents
Answer to Question 5.................................................................................................................3
Crown leasehold.....................................................................................................................3
Subdivision development site................................................................................................3
Heritage listed........................................................................................................................3
Answer to Question 6.................................................................................................................3
Improved Sales Evidence.......................................................................................................3
Money spent for improvement...............................................................................................3
Rating and Tax Valuer...........................................................................................................4
References..................................................................................................................................5

STATUTORY VALUATIONS 3
Answer to Question 5
Crown leasehold
The requirements for crown leaseholds under Section 143 of the Crown lands Act of
1989 are to be fulfilled as valuation of rent is concerned (Burton, 2015). The aspects of
heritage restrictions are as per Section 14 (g) of the Valuation of Land Act of 1916. Section
14 (i) imply the assessment of any land restricted by Crown lease. The aspects of concessions
in New South Wales are governed by the financial policies laid out by the Department of
Industry of New South Wales.
Subdivision development site
Section 26 (a) of the Valuation of Land Act of 1916 implies the assessment of the
allowance for the subdivision development site as far as the requirements are concerned. In
this aspect, the Valuer General has an important role to play. The heritage restrictions are
implied under Section 14 (g) and the Crown restriction under Section 14 (i). The concessions
are inclusive of the ones that are awarded with regard to the making and formulating of the
designs concerned.
Heritage listed
The requirements under Section 124 need to be fulfilled in the desired manner as far
as the valuations of a heritage site or a building listed are concerned. Such a request is to be
made by the Minister after the entry of the site into the State Heritage Register. The
restrictions are implied by Section 14 (g) of the Valuation of Land Act of 1916. The
concessions in the form of tax relief are applicable to the heritage buildings or sites.
Answer to Question 6
Improved Sales Evidence
In this matter, the details of comparable sales are to be taken into consideration and
reported subsequently. As a far as the aspect of improvements is concerned, the requirements
under Section 4 of the Valuation of Land Act of 1916 is to be taken into consideration as held
in the case of Tomago Aluminium Company Pty Ltd v Valuer General. The comparison as
aforesaid is to be done by the undertaking of a Sales Comparison approach in a proper and

STATUTORY VALUATIONS 4
appropriate manner (Shapiro, Mackmin & Sams, 2019). The requirements of Section 5 need
to be fulfilled for Improved Value of Land.
Money spent for improvement
It implies the monetary disbursements made in the form of the clearing of land under
Section 4 of the Valuation of Land Act of 1916 as far as land improvements are concerned.
Such amount of money is not inclusive of the value of the land under Section 6 A of the
Valuation of Land Act of 1916 as implied by the case of Tomago Aluminium Company Pty
Ltd v Valuer General.
Rating and Tax Valuer
The rates and taxes can be paid off in the event of any objection raised or appeal filed as
implied by Section 36 of the Valuation of Land Act of 1916. A rating and tax valauer is
appointed as per Sub-section 3 of Section 3 of the Valuation of Land Act of 1960 amended in
2004 by the virtue of payment made in the form of fees. Sub-section 3 of Section 3 implies
that such a valuer is employed through Part 3 of the Public Administration Act of 2004
(Mangioni, 2015).

STATUTORY VALUATIONS 5
References
Burton, G. (2015). The law affecting rent review determinations ; The law affecting valuation
of land in Australia [Book Review]. Bar News: The Journal of the NSW Bar
Association, (Summer 2015), 76.
Mangioni, V. (2015). A Review of the Practices of Valuers in the Assessment of Land Value
for Taxation in Australia. Journal of Property Tax Assessment &
Administration, 12(2), 5.
Shapiro, E., Mackmin, D., & Sams, G. (2019). Modern methods of valuation. London:
Estates Gazette.