PLANNING AND DEVELOPMENT ACT 2005 - SECT 155
PLANNING AND DEVELOPMENT ACT 2005 - SECT 155
155 . Value of land for s. 153, how determined
(1) In this section
—
licensed valuer means —
(a) a
licensed valuer as defined in the Land Valuers Licensing Act 1978 ; or
(b) the
Valuer-General,
but nothing in subsection (3)(a) or in this
definition is to be construed as obliging the Valuer-General to undertake a
valuation for the purposes of this section;
market value of land means the capital sum which
an unencumbered estate in fee simple in the land might reasonably be expected
to realise if offered for sale on such reasonable terms and conditions as a
bona fide seller would require.
(2) For the purposes
of section 153, the value of the portion is to be such percentage of the
market value of the land of which the portion forms part as the area of the
portion bears to the area of that land.
(3) For the purposes
of subsection (2), the market value of land —
(a) is
to be determined, at the cost of the owner of the land, by a licensed valuer
agreed upon by the parties or, failing agreement, appointed by the local
government; and
(b) is
to be so determined —
(i)
as at the date on which the valuation is made; and
(ii)
on the basis that there are no buildings, fences or other
improvements of a like nature on the land; and
(iii)
on the assumption that any rezoning necessary for the
purpose of the subdivision has come into force; and
(iv)
taking into account the added value of all other
improvements on or appurtenant to the land.
(4) The licensed
valuer is to give the valuation to the owner of the land and the local
government.
(5) If within 90 days,
or such longer time as is agreed in writing by the local government, of the
date on which the valuation is made the owner of the land has not —
(a) paid
the amount of the valuation; or
(b)
disputed the valuation under section 156,
the local government
may, by written notice to the owner of the land, determine that the valuation
is no longer current and that a fresh valuation is required.