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1 May 2018: Australian Property Institute news

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Executive Forum: Just Terms - s. 56(3) - A Legal Perspective and Recent Cases

Tuesday 29 May 2018 at 9:00am
API Training Room, Sydney

The Land Acquisition (Just Terms Compensation) Amendment Act 2016 introduced for the first time the notion of replacement value for special lands which essentially cannot be replaced at their existing value. s. 56(3) requires that land used for a specific purpose such as a park or church (but not limited to such uses) is to be valued on the basis of replacing that land in the vicinity of its location (or nearby) at a value which is unrelated to the specific use purpose. This approach in the 2016 legislation introduces a change in the way in which compensable worth is assessed, away from the venerable Spencer case which has been the basis of valuation and compensation since the early part of last century.

 


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