asked the Minister for Lands if he is now in a position to amplify his statement of the 9th February, 1938, regarding the basis on which the Land Commission authorities fix the price of land which they acquire for division.
Ceisteanna—Questions. Oral Answers. - Price of Acquired Land.
Mr. Boland
As the Deputy has been already informed, the Land Commission, in fixing the price of untenanted land acquired for division, are bound to take as their basis the provisions of Section 25, sub-section (2) of the Land Act, 1923, by which "regard shall be had to the fair value of the land to the Land Commission and the owner respectively."
I can now amplify this information by explaining that, in practice, the Land Commission assess the value of the land on the basis of a fee simple property. From such value there has to be deducted the redemption value of any land purchase annuity on the land and also the value of any drainage maintenance rate, if applicable. In cases where there is no land purchase annuity payable but a head rent or superior charge or mortgage is secured on the land, the capitalised value thereof would be deducted from the purchase price of the land on an allocation schedule when the land bonds representing the price are distributed by order of the Judicial Commissioner of the Land Commission.