Statutory Valuations
Valuations required under a statute of law
The valuer must:
• Clearly identify the purpose of the valuation • Read the relevant statute and comply with the process and definitions therein
Copyright By PowCoder代写 加微信 powcoder
• Be aware of relevant case law and comply with judicial direction
Rating Valuation Act 1998 Public Works Act 1981
Real Estate Agents Act 2008 Unit Titles Act 2010
Goods and Services Tax Act 1985 Property (Relationships) Act 1976 The Building Act 2004
The Resource Management Act 1991 The Valuers Act 1948
Rating Valuations Act 1988
• Reprint August 2013
• Administered by LINZ
• Functions and powers of Valuer-General • District valuation rolls
• Special provisions
• Objections
• Miscellaneous provisions
Rating Valuations Act 1998 Interpretation
• Capital Value
• District valuation roll
• Improvements/Value of Improvements
• Land value
• Special Provisions – only apply to Rating Valuations
Capital Value (Rating Value)
• Definition under the Act “means, subject to sections 20 and 21, the sum that the owner’s estate or interest in the land, if unencumbered by any mortgage or other charge, might be expected to realise at the time of valuation if offered for sale on such reasonable terms and conditions as a bona fide seller might be expected to require”
• Rates usually apportioned as per capital value
Improvements Value of Improvements
• All work or expenditure which increases the value of the land
• Excludes certain items as specified in the Act
• For example, value of improvements does not include underground drainage or retaining walls as these are not considered to be improvements under the Rating Valuations Act 1998
Capital (Rating) value vs market value
• Section20–referstotreesandminerals
– Does not include value of trees unless they are fruit trees, nut trees, vines, berry fruit bushes, or live hedges.
– Does not include value of minerals unless the owner of, or ratepayer for (if different), the rating unit is receiving a benefit from the sale or use or working or extraction of those minerals
• CVdiffersfrommarketvalue
– Is at the date of revaluation compared to mv which is
value at a particular date
– Excludes household chattels and machinery
– Consideration of provisions of Section 20 and 21
Valuation Services and Methods
• Must be carried out by “a registered valuer or some other person or body of a class approved for the purpose by rules made under this Act”
• Methodology
– Sales comparison
– Mass appraisal techniques – Regression analysis
– Indexing and lump sum adjusting
Valuer-General
• Overseesratingvaluations
• WorksintheofficeofLandInformation (LINZ)
• TerritorialauthorityisrequiredundertheActto
– Carry out the valuations for rating purposes
– tell the Valuer-General who is going to conduct the rating valuations
• Notmorethan3yearly
• Resultsmustmeetstatisticalrules
Rating Valuations
• Excludeshouseholdchattels
• Excludesmachinery,whetherfixedornot
• Excludescertaintrees,minerals(seeSpecial Provisions)
• Assessedasataspecificdate
• Excludesimprovementsdonetoapropertynot
inspected by Council
• Attemptstomaintainuniformityandconsistency
Real Estate Agents Act 2008
• Contract for purchase by a licensee or related person
–must produce a market valuation
–undertaken by an independent registered valuer
Unit Titles Act 2010
• Set up the unit title ownership and body corporate
• Commonly for apartments, office blocks
• Unittitle
– A form of joint property ownership
– Defined part of a building
– Shared common areas such as lifts and lobbies
Unit Titles Act 2010
• Body corporate
– A collective of all the owners
– Manages the common property
– To facilitate the subdivision of land into units to be owned by individual and common areas to be owned by all the unit owners
– To provide for the use and management of the units and common areas
Unit Titles Act 2010
• Valuation requirement
– Requires the assessment of “unit entitlement” or
“ownership interest”
– S.38 sets out that before a unit plan is deposited the ownership interest must be assessed by a registered valuer
– “Registered Valuer” is defined in the “Interpretation” of the Act
– “Registered Valuer within the meaning of the Valuers Act 1948”
Goods & Services Tax Act 1985 Reprint July 2017
• Certain assets valued at cost or market value for GST
• Valuation of dwelling and curtilage for GST
exemption on rural property
– Clearlystatethe“boundary”
– Land area is less than 4500sqm
– Basedonsalescomparisonofsimilarrural
dwellings or lifestyle blocks
– Need to check whether zero rating applies
The Property (Relationships) Act 1976 Reprint 2017
• How the property of married couples and civil union couples and couples who have lived in a de facto relationship is to be divided up when they separate or one of them dies.
• A requirement for valuations to settle property disputes
– Defactocouples
– Dissolutionofmarriage
The Building Act 2004 Reprint 2017
– Toprovidefortheregulationofbuildingwork
– Toestablishalicensingregime
• Licensingforbuilders
• Accreditation and registration of building consent authorities
– Tosetperformancestandards
• Review the building code
• Certificate of building products
• New provisions around building consent and inspection
The Building Act 2004
• Toensure – Safety
– Physical independence and well-being
– Escape from fire
• Sustainabledevelopment
• HowthebuildingActwillaffectthevaluation
profession as a whole?
– Knowledge of building materials
– Knowledge of building design
– Knowledge of licensing and inspection process
The Resource Management Act 1991
– Sustainable management of natural and physical resources
• Meet the need of future generations
• Safeguard
• Avoid, remedy, or mitigate any adverse effects
The Valuers Act 1948
– To establish the registration of Valuers
– To constitute the Institute of Valuers – To maintain a high professional standard
• Empowers the Valuers Registration Board
– Qualification and registration of valuers
– Extensive disciplinary powers over registered valuers
– Annual practising certificates
The Valuers Act 1948
• Impacts on the valuation profession
– Responsibilities of valuers to the public and other members of their profession
程序代写 CS代考 加微信: powcoder QQ: 1823890830 Email: powcoder@163.com