SYSTEMS OF LAND VALUATION IN THE UNITED KINGDOM 85 



fee farm rent, rent seek, quit rent, chief rent, rent of assize, or any other 

 perpetual rent or annuity granted out of land." 



Total Value is consequently the actual market value of property on 

 the terms and the conditions under which property is usually offered by 

 sale at public auction, and from that very reason it may often be expedient 

 to first arive at Total Value and to add thereto, in order to reach Gross 

 Value, the amount in excess of normal market value which the property 

 would realise if sold under the terms of definition of Gross Value. 



Full Site Value means " The amount which remains after deducting 

 from the Gross Value of the land the difi:erence (if any) between that value 

 and the value which the fee simple of the land, if sold at the time in the open 

 market by a v.dUing seller, might be expected to reaUse if the land were di- 

 vested of any buildings and of any other structures (including fixed or 

 attached machinery) on, in or under the surface, which are appurtenant to or 

 used in connection with any such buildings, and of all growing timber, 

 fruit trees, fruit bushes, and other things growing thereon." 



It is not easy to grasp this definition without some study. Full Site 

 Value however is exactly akin to Gross Value except that the buildings and 

 other recited subject matters ara assumed to be non-existent. It is most 

 important to remember that Full Site Value is a fresh conception of Value, 

 arrived at quite independently of Gross Value or of any other value. It 

 would be incorrect to fix Gross Value and thereupon reach Full Site Value 

 by deducting the value of the buildings and other subjects deemed to be 

 divested. For example, assume a residential house erected many years 

 ago at a cost of £2,000 but owing to the approach of small shops or working 

 class dwellings or other depreciatory causes it has become obsolescent and 

 very difl&cult to let or sell. The Gross Value may well be only £500. But to 

 ascertain Full Site Value the valuer now assumes the site is bare btiilding 

 land and he would at once know that, for the purposes of site? for shops 

 or working class dwellings, it would readily sell at £450. 



The dijQference between Gross Value £500 and Full Site Value £450 is 

 thus £50, and can only be termed the " dilference " and not the value 

 of any subject matters. 



So long as the obsolescent house exists the site is damaged ; remove 

 the house and the site may then well be of a value approaching or even equal 

 to the value of the existing composite property, house and site. 



The Assessable Site Value means the total value after deducting — 



" The same amount as is to be deducted for the purpose of arriving at 

 full site value from gross value " (i. e., buildings, etc); and 



" Any part of the total value which is proved to the Commissioners to 

 be directly attributable to works executed, or expenditure of a capital 

 nature (including any expenses of advertisement) incurred bona fide by 

 or on behalf of or solely in the interests of any person interested in the 

 land for the purpose of improving the value of the land as building land, or 

 for the purpose of any business, trade, or industry other than agriculture; and 



" Any part of the total value which is proved to the Commissioners 

 to be directly attributable to the appropriation of any land or to the gift 



