Valuer-General v Fivex Pty Ltd

(2015) 206 LGERA 450; [2015] NSWCA 53

NSW Court of Appeal

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Interrogate

Catchwords

1. Valuation
2. › Land value
3. › Unimproved value of fee-simple
4. › Highest and best use
5. › Mandatory assumptions as to existing uses and improvements
6. › Whether s 6A(2) required regard to actual floor space of building or only maximum floor space permitted under local environmental plan
7. › Valuation of Land Act 1916 (NSW), s 6A(1), (2)
1. Statutory Construction
2. › Primacy of legislative text
3. › Mischief rule not confining general words to mischief alone
4. › Relevance of principles from cognate areas of law
5. › Whether planning law principles of 'use' and 'purpose' confined meaning of valuation provision
6. › Valuation of Land Act 1916 (NSW), s 6A(2)
1. Appeal
2. › Appeal confined to question of law
3. › Scope of appeal
4. › No error of law in failing to address argument not raised at trial
5. › Land and Environment Court Act 1979 (NSW), s 57

Quick Take

Section 6A(2) of the Valuation of Land Act 1916 (NSW) requires assumptions to be made in every case of land valuation, not only where existing use rights are in issue. Where a building exceeds the maximum floor space ratio permitted under the applicable planning instrument, the valuer must have regard to the actual floor space of the building (not merely the maximum permitted) when determining land value. The question of how GST treatment of comparable sales should be addressed in land valuation was left open.