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RATING VALUATION: THE CONTRACTOR'S BASIS

Journal of Valuation

ISSN: 0263-7480

Article publication date: 1 April 1985

Abstract

This paper examines the use of the contractor's basis of valuation in rating assessment. It is often assumed that this involves the application of a simple, straightforward valuation model, but the practising valuer soon realises that the contractor's basis is more complex and contentious than it appears. It has been criticised for its alleged anomalies and vagaries, and it has been the subject of numerous Lands Tribunal and Court of Appeal decisions. The various ‘stages’ of a contractor's valuation model are discussed in detail against the background of the leading decisions and the manner in which the Court and the Tribunal have grasped the problems presented, including, inter alia, the university and public schools cases of the 1960s, Lord Denning's important decision in Cardiff Corporation v Williams (V.O.), and the recent dispute involving Imperial College of Science and Technology. After close examination of the stages, it is concluded that the guidelines which have gradually evolved now present the valuer with substantial rationale.

Citation

GRIMMETT, L. (1985), "RATING VALUATION: THE CONTRACTOR'S BASIS", Journal of Valuation, Vol. 3 No. 4, pp. 363-375. https://doi.org/10.1108/eb007980

Publisher

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MCB UP Ltd

Copyright © 1985, MCB UP Limited