Valuation – an ancient profession
• Earliesttaxrecordsdatefrom 6,000 B.C. in the ancient city- state of Lagash (Iraq)
• Propertytaxesused throughout the ancient world
• Leviedagainstthevalueof grain, cattle, oil, beer and land
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• Taxassessorswerehighly valued people
From around 200 B.C. to 300 A.D Romans paid property tax on the value of land, buildings, trees, vines and other personal property.
Doomsday Inquest
• William the Conqueror (1086)
• The Inquest – a large valuation roll
• Property owners questioned by the Doomsday commissioners
• Ascertain the fiscal rights of the king
– Land tax
– Miscellaneous dues
– Proceeds from Crown lands
• Sales of Monastic lands.
• Large amounts of land on market.
• Sale price had to be controlled to avoid speculation.
Sir William Petty 1623-1687
• Price determined by factors of production – Land and labour
• Rent the surplus over and above the costs of labour and production
• Land value related to the number of people it could support
• Declared value of land to be about 21 years purchase
Zealand Scene
• Strong British Influence in early NZ valuation practice
• Wakefield “sufficient price”
• 1896 Government Valuation of Land Act
• 1936 Mortgagors and Lessees Rehabilitation Act “debt servicing ability”
• 1943 Servicemen’s Settlement and Land Sales Act, The Land Sales Committee
The Valuation Profession 1910 Auckland Municipal Valuers Association
1922 North Island Land Valuers Association (Based in Palmerston North)
1935 NZ Government Valuers’ Institute 1938 NZ Institute of Valuers
1948 Valuers Act
1) Statutory recognition to Institute of Valuers
2) Set up Valuers Registration Board 2000 Property Institute
Property Profession – Now
• Property Institute of includes Valuers, Property and Facilities Managers, Property Advisors and Consultants and Plant and Machinery Valuers
• The Valuers Act still in force for now as is VRB and NZIV
– But the objective is to recast the Valuers Act.
Issues Related to Changing the Valuers Act
• Low on the list of Government priorities
• Valuers reluctant to give away present monopoly
• If the VRB is scrapped will “in house” discipline have the same credibility with the public?
• The tide has turned from deregulation to re-regulation.
Review of the Occupational
Regulation of Valuers
• LINZ Discussion document July 2014 • file:///D:/Downloads/Review%20of%20the%20Occupational%20Regulation%20of%20Valuers%20-
%20Discussion%20Document.pdf
• Concerns
– Governance structure
– Disciplinary process
– Tools for compliance
– Title protection
– Competence after registration – Standardssetting
– Age requirement
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