Objections to market or land valuation
12 Objections to market or land valuation
An applicant who has made a purchase application and considers that a purchase price based on the market value determined by the Minister is greater than the actual market value of the land may lodge an objection with the Minister in the form and manner approved by the Secretary. However, only one objection can be lodged under this subclause and it must be lodged within 60 days of the determination.
The applicant must provide the Minister with any evidence and particulars that the Minister may reasonably require in support of the objection.
The Minister must consider an objection that is duly made under subclause (1) (including any relevant information provided with it) and, if the Minister considers that the market value is lower than the Minister originally determined, must adjust the purchase price accordingly.
An applicant who has made a purchase application and is dissatisfied with a purchase price based on the land value of the land as determined in accordance with the Valuation of Land Act 1916 may object to the Valuer-General against the land valuation under Part 3 of that Act. However, Part 4 of that Act does not apply in relation to the Valuer-General’s determination of the objection.
The provisions of Part 3 of the Valuation of Land Act 1916 apply for the purposes of subclause (4) as if the period of 60 days referred to in section 35 (1) of that Act ran from the day on which the Minister gave the applicant written notice under clause 9 of the election to use the land value.
A decision of the Valuer-General under this clause is final and binding on the applicant and the Minister.
This Act’s bill:Explanatory memorandumSecond reading speech
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