Sharsay Pty Ltd v Valuer-General [2013] NSWLEC 181

Sharsay Pty Ltd v Valuer-General [2013] NSWLEC 181

After weighing and adjusting the comparable sales, the Court preferred an adjusted rate of $203.53/m2. Applied to the subject land area of about 19,650m2, that produced $3,996,306, rounded to $4,000,000; the applicants' land value was therefore determined at $4,000,000.

Jurisdiction
Australia
Judgment Date
24 October 2013
Procedural Posture
Class 3 Valuation of Land Appeal / Appeal Against the Valuer General's Disallowance of an Objection to a Land Tax Assessment Valuation
Outcome
Appeal allowed to the extent that the value of the applicants' land was determined at $4,000,000.
Legal Topics
['comparable Sales Valuation' 'industrial Land Valuation' 'zoning Comparability' 'valuation Objections and Appeals']
['valuation of Land' 'land Tax' 'planning and Environment'] ['comparable Sales Valuation' 'industrial Land Valuation' 'zoning Comparability' 'valuation Objections and Appeals']

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Procedural Posture

Class 3 Valuation of Land Appeal / Appeal Against the Valuer General's Disallowance of an Objection to a Land Tax Assessment Valuation

Legal Issues

  1. 1 ["What land value should be determined for the applicants' land at the 1 July 2011 base date." 'Whether sales in the Jamisontown Industrial Precinct were comparable to the subject IN1 zoned land.' 'What adjustments should be made to comparable sales for timing, affectation, size, physical factors, zoning and improvements.' 'What weight should be given to distressed sales and to aborted negotiations for adjoining land.']

Ratio Decidendi

After weighing and adjusting the comparable sales, the Court preferred an adjusted rate of $203.53/m2. Applied to the subject land area of about 19,650m2, that produced $3,996,306, rounded to $4,000,000; the applicants' land value was therefore determined at $4,000,000.

Court Disposition

Appeal allowed to the extent that the value of the applicants' land was determined at $4,000,000.

Orders

  • ["The value of the applicants' land the subject of the present appeal is determined at $4,000,000." 'All exhibits may be returned.' 'The question of costs is reserved.']