Compulsory acquisition valuations require specialist knowledge. Compulsory acquisition is where a state or territory government; or even the federal government can acquire private land under Section 51 of the Australian Constitution. They can do this whether or not the property owner or occupier wants to sell. The property owner will not have a say in the matter.
Normally government bodies will acquire private land when they need it for infrastructure development purposes. This typically occurs when the government needs to build new infrastructure developments such as motorways, highways or roads, new train lines or light rail lines, a new school or any other public facilities. The government may acquire your land if there is a public risk for example if the land or waterways have been contaminated or there are dangerous chemicals in the area. The government can also acquire land when there has been a natural disaster such as a bushfire or a flood. They may use the land for safe shelter or a medical centre.
The government may not necessarily want all of your land. In some cases they will only want a portion of your land. This may include taking over your driveway or just requiring access to your property so that they can install power lines or other public infrastructure. In some cases the government will stop you from modifying your property, for example you may not be permitted to erect a swimming pool or add a garage. In other scenarios the government will just need access to your property for a period of time.
If they acquire all of your land then you’ll receive a Notice of Acquisition with a compensation figure. A Certificate of Valuation will be attached to the letter confirming the property’s value, which will be a calculation of the fair market value. Normally the valuation will be a conservative estimation, and may not be a genuine indication of what the property is worth.
The valuation is important because it determines the compensation that you will be entitled to receive. The final compensation figure will also include any costs that you’ve incurred as a direct result of the land being compulsorily acquired. These costs include stamp duty, refinancing fees, accounting fees and any other expenses you incur as a result of the government acquiring your land. If you aren’t happy with the figure that you have been given then you will need to substantiate your claim. The best way to substantiate your claim is to get a compulsory acquisition/compensation valuation so that you get what you are entitled to.
Why choose Valuations Tasmania?
Valuations Tasmania are compulsory acquisition/compensation valuation experts. They have a thorough understanding of state, territory and federal legislation related to the compulsory acquisition of land ensuring compliance. Valuations Tasmania belongs to the Australian Property Institute which is the body that sets the industry standards. Each valuer employed by Valuations Tasmania has acquired at least 15 years of local valuation experience and they are 100% independent so the valuation report you receive from us is an accurate and well researched valuation.
If you would like to chat to us or get some property advice then give us a call on (03) 6169 2559.