Definitions Glossary of commonly used terms at the Land Valuation Tribunal.
Capital value The probable price that would have been paid for the property if it had been for sale at the date of the last general revaluation, as shown on your Notice of Rating Valuation. A capital value does not include chattels, stocks, crops, machinery, goodwill or plantation trees.
Land value The probable price that would have been paid for land at the date of valuation. The land value includes any development work that may have been carried out, such as drainage, excavation, filling, retaining walls, reclamation, grading, levelling, clearing of vegetation, fertility build-up, or protection from erosion or flooding.
Value of improvements The difference between the capital value and land value. It reflects the additional value given to the land by any buildings or other structures, cropping trees and vines, and landscaping that adds value to the land.
Annual value Annual value (where assessed) is the greater value of either the estimated gross annual rental less 20 percent (or 10% if there are no buildings on the land) or 5 percent of the property's capital value.
Ratepayer The owner is the ratepayer, unless the owner can prove there is a lease in place that meets the statutory definitions for the lessee to be the ratepayer (Section 11, Local Government (Rating) Act 2002).
作者: T.L.C 时间: 2014-11-12 13:13:16
aklufo 发表于 2014-11-12 13:06
Definitions
Glossary of commonly used terms at the Land Valuation Tribunal.