asked the Minister for Lands if he will state the basis on which the Land Commission authorities fix the price of land which they acquire for division and to what extent the current market value is taken into consideration.
Ceisteanna—Questions. Oral Answers. - Price of Divided Land.
Mr. Boland
For the statutory basis on which the Land Commission fix the price of land which they acquire for division, I would refer the Deputy to Section 25, sub-section (2) of the Land Act, 1923 (which provides that in fixing the price "regard shall be had to the fair value of the land to the Land Commission and owner respectively") also to Section 29, sub-section (3) of the same Act, and to Section 43 of the Land Act, 1931.
Has the market value any bearing at all on the price fixed for land?
Mr. Boland
If the Deputy looks up the provisions of these sections he will find the basis on which the Land Commission fixes the value of land.
There is just a point which I want to clear up. Where a holding subject to an annuity is taken over by the Land Commission, is the price fixed on the market basis there and is that price subsequently reduced by a sum sufficient to redeem the old annuity? If it is, it is not the market value.
Mr. Boland
Where a holding is subject to an annuity, the annuity has to be redeemed after the Land Commission takes it over.
Can the Minister say when arriving at the market value of land, does the Land Commission first arrive at the market value of the land subject to the annuity, award that sum to the owner of the land; and then subtract from that price such sum as will redeem the annuity, or does the Land Commission, in determining the market value of the land, assess the value of the land on the basis of a fee simple property and then take from the purchase price sufficient to redeem the annuity?
Mr. Boland
I am not prepared to answer that question at the moment. I would have to consider the matter further before I could give an answer.
Perhaps the Minister would consider the matter and we can put down a question in those terms later on.
Mr. Boland
Yes, if the Deputy will do that.