The epistemology of value in the assessment of just terms compensation

Publisher:
Food and Agriculture Organisation of the United Nations
Publication Type:
Journal Article
Citation:
Land reform Land Settlement and Cooperatives, 2008, 2008/1 pp. 47 - 55
Issue Date:
2008-01
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Compulsory acquisition of land in Australia is predicated on the principles ofjust terms Icompensation. Based on these principles, the determination of compensation is subject to various statutes and court rulings. This article examines these principles and moves on to discuss the gaps in parity of compensation and how these gaps affect parties in the compulsory acquisition process. The article also looks at the influence compensation quantum and principles have over the value of properties, discussing how that value is determined and how valuation methods are used. It reviews a survey of dispossessed property owners in New South Wales, Australia, that was conducted to measure the success of the legislation and processes. Finally, the article concludes with an analysis of court directives; it asks whether these contribute to the impasse of points of difference in the assessment of value (and hinder the courts) when in fact they were designed to help Australian courts in expediting compulsory acquisition matters.
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