Assignment Task
Question 1
Explain two scenarios of how a property owner can trigger compensation, before an authority compulsorily acquires their land? Describe what an owner must do and how the valuer assesses compensation pursuant to the legislation for each example. Provide relevant dates of valuation for each. As part of your answer name any relevant Act(s).
Question 2
The valuation company you work for wins a new contract for rating and taxing valuations with the Victorian State Government in your local council area. Your colleague has not done these types of valuations before and asks you to explain what different values you need to assess for all properties. He then asks you which Act should he refer to find out more information, how often are these valuations done, and at what date. Respond to your colleague’s questions in writing.
Question 3
Present an argued case both (a) for and (b) against the taxation of property. List the many different types of tax that affect property from different levels of government; local, state and Federal. Discuss if this is an effective means of collecting revenue. Why or why not?
Question 4
Discuss the compulsory acquisition process in Victoria.
Question 5
You have been approached by a property owner, James Smith, who owns a 100-hectare farm (shown by a red border), in Whittlesea. James has received a Notice of Acquisition (NOA) to Acquire 10 hectares of his property (this part is shown yellow on the plan below) as the land is needed for a freeway (PAO 6, shown on the plan below).
James cannot understand why part his property is outside the Urban Growth Boundary (UGB shown as a blue line on plan below) like adjoining land to the south which also have frontages to the same existing road.
Recent sales show that land inside the UGB (for similar sized farms) is generally worth $1,200,000 per hectare and land outside the UGB is generally worth $400,000 per hectare.
For valuation purposes describe how the Pointe Gourde Principle applies to this scenario under the Land Acquisition and Compensation Act 1986. Planning advice shows the UGB would continue along the existing road to the eastern boundary if not for the new freeway.
Assuming severance at 10%, show a worked example calculating the compensation payable to James.
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