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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                the local government may, by written notice to the owner of the land, determine that the valuation is no longer current and that a fresh valuation is required.