Page 3366 - Week 11 - Tuesday, 12 October 1993
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TREASURER FOR THE AUSTRALIAN CAPITAL TERRITORY
LEGISLATIVE ASSEMBLY QUESTION
Question No. 968
Land Valuations
MR CORNWELL - Asked the Treasurer upon notice on 14 September 1993:
(1) What factors, for all suburbs and areas in the ACT, are taken into account by the Valuer when the Unimproved Capital Value (UCV) of a block of land is calculated.
(2) How is the UCV actually calculated.
(3) How were the percentages of UCV which determine how much rates and land tax is paid on any block decided upon.
(4) Why were they set at current levels for various types of land usage.
MS FOLLETT - The answers to the Members questions are as follows:
(1) The factors taken into account by the valuers when recommending unimproved values are location, the size of the block being valued, its aspect and topography, the proximity of public facilities and disabilities which may affect individual values such as transformers, bus shelters and service installations. With regard to non-residential leases, the highest and best permitted use of the land is applied as the basis for rating.
(2) Unimproved values for rating and land taxing purposes are assessed by the Australian Valuation Office on an annual basis at the relevant date of 1 January each year and are based upon the analyses of property sales near the relevant date.
The best evidence of land values is from sales near the relevant date of comparable vacant land within the locality. However, in the absence of vacant land sales, values are based upon an analysis of sales of properties in the vicinity which occurred around the date of valuation. These sales provide the most reliable guide to value and reflect the market conditions at that time.
The unimproved value of the land is ascertained by deducting the added value of all improvements from the selling price as at the time of sale. The added value of the improvements
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