Description

OMGT1129 Statutory Valuation

Assignment

This assignment requires you to undertake research on the legislative definitions

contained in the Valuation of Land Act 1960. In order to complete the assignment, you

will need to refer to the lecture material, legislation, recognized authoritative sources,

and case law as well as draw on your knowledge of valuation methods.

The assignment is due on Monday 3 April 2017 by 9.00am. It will be marked out a

total of 100 marks and is worth 25% of your overall course grade. This assignment

requires you to complete FIVE TASKS and the marks allocated for each TASK are

shown below. Please also refer to the marking schedule (page 2).

TASK 1 (worth 30 marks): An owner has approached you regarding the valuation of

a property they own. The owner was given a 2016/17 Valuation and Rate Notice with

the following valuations: Site Value $800,000, Capital Improve Value $1,200,000 and

NAV $75,000. To assist the owner provide a description in your own words the

practical meaning of Site Value (SV), Capital Improved Value (CIV) and Net Annual

Value (NAV) as defined in Section 2 of the Valuation of Land Act 1960. You are

required to refer to at least one source for each definition to support your response.

Note:

 For SV purposes also refer to the definition of Improvements contained in

Section 2 and Section 2(2).

 For Estimated Annual Value (EAV) purposes also refer to Section 2(2A) and

Section 2A.

TASK 2 (worth 40 marks): PART A Calculate the SV, CIV, EAV, and NAV as at 1

January 2016 for the owner in accordance with the Valuation of Land Act 1960

using the information, data, and evidence provided (on page 3) by applying the Act

and relevant valuation principles. You must set out all your workings and include

supporting rationale, assumptions or considerations.

PART B The owner is aggrieved with the number of rates payable of $4,000. Advise

the owner on the basis (if any) and considerations (including outcomes from Task 2)

that apply when lodging an objection, including prescribed grounds and times frames

in accordance with the Valuation of Land Act 1960 (as applicable).

TASK 3 (worth 20 marks): Select any one of the definitions SV, CIV, EAV or NAV

and with reference to one relevant case describe how the court has interpreted

and applied the definition in valuation practice.

TASK 4 (worth 10 marks): The owner wants to know the difference/s and

similarities (if any) between a valuation made for “market value” purposes and CIV

that is made for the purposes of the Valuation of Land Act 1960. Explain to the

owner in your own words and provide any supporting rationale to support your

response.

2

Learning Outcomes

Upon successful completion of this assignment you will be able to:

 Understand legislative definitions contained in the Valuation of Land Act 1960 and

the purpose for which they are made.

 Demonstrate a clear understanding of how the courts have interpreted and applied the

legislative definitions contained in the Valuation of Land Act 1960.

 Distinguish between valuations produced in accordance with the definitions contained in

the Valuation of Land Act 1960 and another type/s of valuation.

 Interpret property data to produce a valuation in accordance with the definitions

contained in the Valuation of Land Act 1960.

Electronic Submissions: No hard copy required

Submit as one electronic file to the Blackboard site by the due date and time.

Submit the electronic file using the following name format:

FamilyName_FirstNameInitial Eg Smith_J

A reminder not to use an iPad / tablet or smartphone to submit as there can be compatibility

issues.

If the file size is too large for submission (more than 12 kilobytes), please separate into 2 files,

with the appendix as a separate file.

Marking Schedule

Below is the marking allocation for each Task, which will be used for this assignment. Please

note that for the “Tasks” (refer to the assignment brief) 10% of the marks allocated for each task

will be tagged to your ability to communicate and logically structure your answers (for example

for Task 1, which is worth 30 marks, 3 marks will be tagged to the communication and logical

structure of your work).