Understanding of Valuation for Rating Purposes Report Writing - Real Estate Assignment Help

Assignment Task

Purpose:

The purpose of this assignment is to allow each student to gain a better understanding of undertaking a valuation for rating purposes. This is a‘real world’ assignment and is based on facts relating to statutory valuation. Context: The assignment is based on the scenario that the owner is in a position to object to their most recent property valuations for rating purposes .The scenario for this assessment task is as follows. Hypothetically you have been engaged by an individual property owner to assess the correct level of value as it impacts on municipal rates for the subject property. The subject property chosen may be the property you live in or a property that you can obtain the latest rating information on. Your specific instructions are to:

a)Advise on the recent trends in the surrounding residential market within which the property islocated;
 

b)Advise on the correct value of the property for rating purposes at the relevant valuation date;and
 

c)Provide a written report to the property owner advising all of the owners’ options in objecting to the respective values. Note: Regardless of your conclusions, it is important that you outline all of the future objection options available to the land owner under the current legislation.The owner argues that the assessments’ completed by the Council’s valuer was incorrect, and your task is to interpret the market and legislation as you see it. You must value the land in accordance with the relevant legislation in your state or territory (e.g. Valuation of Land Act 1960 and its amendments in Victoria), other than the assumption as to timing of objections.

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