ABSTRACT
Conventional property sectors include residential, office, retail, industrial and rural property valuation practice. Specialist property sectors include retirement, leisure, plant and equipment and business and intangible asset valuation practice. Specific purposes include valuation practice for rental, financial reporting, secured lending, insurance and statutory valuation purposes. In this chapter, the Australian approach to valuation practice for statutory purposes is considered in the context of valuation for rating and taxing and valuation for compulsory acquisition which will be considered. As the name would suggest, statutory valuations draw their basis and legitimacy from the application of an underlying statute. Accordingly, a key difference between valuations for statutory purposes and valuations for other purposes is that the former may be subject to objection, appeal and decision by an independent Court whereas the latter may not.
