84 GKEAT BKIi AIX AND IRELAND - MISCELLAMEOI'S 



§ 2. The values to be ascertained. 



The basis of valuation is to be on the assumption that all property- 

 is " fee simple in possession, not subject to any lease." Thus the values 

 to be ascertained do not show the value of any person's interest in the pro- 

 perty, such as leasehold interest or reversionary interest, but the full value 

 of or the combined interests in the property ; fee simple being the most 

 absolute interest which a subject can possess. 



The values to be ascertained are four in number and, in the case of agri- 

 cultural land, five in number. 



They are known as (i) Gross Value ; (2) Total Value ; (3) Full Site Value ; 

 (4) Assessable Site Value ; (4) Value for Agricultural Purposes. 



Gross Value is defined as " The amount which the fee simple of the 

 land if sold at the time in the open market by a wiUing seller in its then 

 condition, free from incumbrances, and from any burden, charge, or restric- 

 tion (other than rates or taxes) might be expected to realise." 



" The expression incumbrance' includes a mortgage in fee or for a less 

 estate and a trust for securing money, and a lien and a charge of a por- 

 tion, annuity, or any capital or annual sum, but does not include a fixed 

 charge as defined by this Act." 



Therefore in fixing Gross Value the valuer is to pre-suppose that the 

 property is subject to the common UabiUties such as repairs, fire insurance 

 local rates and Imperial taxes, but not to the tithes, adverse rights of way or 

 of light, adverse rights of common, mortgages, terminable annuities (e. g. 

 charged on lands in favour of the owner's family by will or to repay 

 money borrowed for improvements) and such like. 



Total Value is defined as " The Gross Value after deducting the amount 

 by which the Gross Value would be diminished if the land were sold subject 

 to any fixed charges and to any public rights of way or any pubHc rights 

 of user, and to any right of common and to any easements affecting the land, 

 and to any covenant or agreement restricting the use of the land entered 

 into or made before the thirtieth day of April nineteen hundred and nine, 

 and to any covenant or agreement restricting the use of the land entered 

 into or made on or after that date, if, in the opinion of the Commissioners, 

 the restraint imposed by the covenant or agreement so entered into or made 

 on or after that date was when imposed desirable in the interests of the 

 public, or in view of the character and surroundings of the neighbourhood. 



"The expression 'fixed charge' means any rent charge as defined by 

 this Act, and any burden or charge (other than rates or taxes) arising by 

 operation of law or imposed by any Act of Parliament, or imposed in pur- 

 suance of the exercise of any powers or the performance of any duties under 

 any such Act, otherwise than by a person interested in the land or in con- 

 sideration of any advance to any person interested in the land." 



" The expression rentcharge means tithe or tithe rentcharge, or other 

 I)eriodical payment or rendering in lieu of or in the nature of tithe, or any 



