STATUTORY VALUATIONS IN SINGAPORE - A CRITIQUE

Abstract

The social and economic conditions of the early 60's necessitated the introduction of various legislation. These legislation have enabled the state to perform efficiently its function as dispenser of social services and as promoter of economic and urban development. The acquisition of land has enabled the authorities to implement a large public housing programme to build new towns and to construct roads and industrial estates. Property tax, Estate duty and Stamp duty provided revenue to finance the projects. The Planning Act has enabled the control of land use, allocation of land resources and the intensity of development. The legislation discussed in this dissertation relates to: 1. Land Acquisition, 2. Property Tax, 3. Development Charge, 4. Estate Duty, 5. Stamp Duty. Few have thought to question the rationale of these legislation. This dissertation attempts to trace the rationale of each legislation. The various legislation require the valuation of land. Discrepancies appear between values of the same properties for various legal purposes. This is because of the differing concepts of value. Values are essentially dynamic concepts, hence the development of the concepts of value are discussed in this dissertation. Finally, a critique of the legislation is made. Some of the provisions of the legislation are harsh and inequitable. The author suggests that these inequities should not be perpetuated. After all, the nation has pledged "...to build a democratic society based on equality and justice..."