State and territory governments have the authority under Section 51 of the Australian Constitution to compulsorily acquire your land. The most common reasons for land acquisition is because the population has substantially increased and new infrastructure or other facilities are required, such as a new transport link, power station, shopping facilities or a new apartment complex or hotel development.
The government doesn’t necessarily want to acquire all of your land and it doesn’t matter if you don’t want to sell. They may only take over a portion of the land. This is especially common when dealing with rural properties where there isn’t as much existing infrastructure. It could be that they just want to take over a driveway or a shed. The government also has the authority to prevent you from completing property enhancements such as adding another room to your house, erecting a shed or garage or adding a pool to your property. In other situations however where the government will just require access to your property.
Normally when they want to acquire or take over your land you will receive a Notice of Acquisition with a compensation offer. Attached to the compensation offer will be a Certificate of Valuation confirming the value. The value will be the fair market value. Similar to bank valuations, this will generally be a conservative value and therefore may not be a true reflection of the property’s value.
The compensation amount you’re entitled to will be calculated based on the value of your property. It will also be based on any costs that you might incur due to your land being compulsorily acquired. Costs that you may be able to claim include stamp duty costs, refinancing fees and any other costs associated purchasing a new property, legal fees, accounting fees and any other expenses that are related to the government acquiring your land. In order to make a claim you will need to get a compulsory acquisition/compensation valuation so that you are paid a fair amount.
Why choose NT Valuers?
NT Valuers specialise in compulsory acquisition valuations and our valuers are well informed on state, territory and federal legislation related to the compulsory acquisition of land by state owned entities. We frequently conduct land acquisition property valuations and comply with the relevant legislation. Every valuer employed by NT Valuers has gained at least 15 years of local valuation experience and as we are completely independent we have no interest in arriving at a certain value. The final valuation figure that you receive from us is a genuine reflection of what your property is truly worth.
To speak to our knowledgeable staff about your compulsory acquisition valuation requirements, get in touch with us on (08) 8911 1505.