Page 3077 - Week 11 - Tuesday, 11 September 1990

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by deducting from the purchase price the depreciated value of all chattels, buildings and other improvements. This approach accords with long established valuation principles and has been accepted by Courts, Boards of Review and the Administrative Appeals Tribunal.

The unimproved value of any block in terms of Section 5 of the ACT Rates and Land Tax Act is based on the levels of land value disclosed by sales of property in the locality near the relevant date. The Valuer compares this block with the sales evidence, making appropriate adjustments for any significant differences between the blocks. Such differences may include size, shape, physical features, locational factors, permitted use, etc..

(4) No. Valuations/revaluations are carried out as required by the provisions of the Rates and Land Tax Act.

(5) Bases and instructions did not vary. Both revaluations were carried out as required by the provisions of the Rates and Land Tax Act.

(6) Neither actual or estimated valuations are available for, the total

land owned by the Commonwealth.

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