Property covered by the capital assessment rules includes second houses and/or any other buildings or land owned but not personally used or enjoyed as the principal residence or farming business.
The house in which a person resides – their principal residence or home - together with furniture and personal effects, is not assessed.
Property must be capable of being sold, let or put to profitable use before a capital value assessment is applied.
Occasionally, there may be legal or other reasons why a property may not be capable of being sold, let or put to profitable use. In such instances, Deciding Officers from my Department will review any reasonable evidence from the customer to verify this. If this evidence is not supplied, or is insufficient, then the property is treated as being capable of being sold, let, or put to profitable use, and a capital value assessment is applied.
The current market value (CMV) of a property is what is assessed as the means. The CMV is considered to be what the market will bear, not what the customer is willing to sell the property for. The CMV will reflect the condition of the property which will be taken into account when the means assessment is taking place.
I trust this clarifies the matter for the deputy.
