Special Use Valuation - Law Dictionary Search Results

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special use valuation

special use valuation : a method of valuation allowed under the Internal Revenue Code in calculating estate taxes on farm property or on real property used in a closely held business in which the property is valued on the basis of its current use rather than at the market value for its highest and best use ...

Valuation

Valuation, is a process which does not end on marks being awarded by an examiner, Sanjay Singh v. U.P. Public Service Commission, (2007) 3 SCC 720.Means the act or process of valuing, Jensen v. Jensen, 458 NW 2d 391 (1990).This term is generally applied to the equivalent in money of any kind of property. Thus for the payment of estate duty, a valuation of property of all kinds has to be made. Perhaps the most important and the most difficult valuation is that of land. This has almost invariably to be undertaken whenever land is compulsorily acquired. The difficulties that surround this question were fully considered in the case of Re Lucas and Chesterfield Gas and Water Board, (1909) 1 KB 16, in which Lord Justice Moulton in the course of his judgment said (at p. 29):-'The principles upon which compensation is assessed when land is taken under compulsory powers are well-settled. The owner receives for the lands he gives up their equivalent-that is, that which they are worth to him in m...

Rate

Rate, A contribution levied by some public body for a public purpose, as a poor rate, a highway rate, a sewers rate, upon, as a general rule, the occupiers of property within a parish or other area.Proportional or relative value; the proportion of which quantity or value is adjusted, Black's Law Dictionary, 7th Edn., p. 1268.The term 'rate' is also used to mean a charge by a water, gas, railway, or other public undertaking for services rendered e.g., (English) Railways Act, 1921, s. 20; Metropolitan Water Board Charges Act, 1921 (11 & 12 Geo. 5, c. xciv.).The poor rate was levied under the (English) Poor Relief Act, 1601 (43 Eliz. s. 2), on the occupiers in each parish of 'lands, houses, tithes, coal mines, or saleable underwoods,' and the (English) Rating Act, 1874, extended the liability to rates to: (1) land used for a plantation or a wood, or for the growth of saleable underwood, and not subject to any right of common; (2) rights of fowling, shooting, taking, or killing game, or ra...

Railway

Railway. A road owned by a private person or public company on which carriages run over iron rails; if the road is a public highway, that part of it on which the rails are laid is called a tramway. Every railway in this country (except a few private railways running through land owned by the owner of the railway) is constructed and managed (1) under a local and personal Act of Parliament; and (2) under the Companies Clauses, Lands Clauses, and Railways Clauses Consolidation Acts; and (3) under the general Acts relating to railways. The (English) Railway Act, 1921, provides for the reorganization of almost all the railways in England.Railway Companies as Carriers, The powers of railway companies as carriers are given by the 86th section of the Railways Clauses Consolidation Act, 1845, and controlled by the (English) Railway and Canal Traffic Acts of 1854, 1873, and 1888. The (English) Act of 1845, s. 86, enacts that:-It shall be lawful for the company [authorized (see s. 3) by the speci...

Poor laws

Poor laws. By the (English) Poor Relief Act, 1601, (43 Eliz. c. 2), frequently called 'The Act of Elizabeth,' overseers of the poor were annually appointed in every parish; the churchwardens of every parish being also ex-officio overseers, except in rural parishes, in which the churchwardens ceased to be overseers by virtue of the Local Government Act, 1894.Overseers of the Poor and Boards of Guardians were abolished (overseers from 1st April, 1927, boards of guardians from 1st April, 1930, except in the Scilly Islands) by the Rating and Valuation Act, 1925, and their powers, duties and property were transferred to local authorities.By the Poor Law Amendment Act, 1834, the administration of the parochial funds and the management of the poor throughout the country were placed for five years under the control of a central board called 'The Poor Law Commissioners'; succeeded in 1847 by a temporary 'Poor Law Board' made perpetual, after many continuances, in 1867; and in 1871, by 'The (Eng...

Occupier

Occupier, includes, --(i) any person who for the time being is paying or is liable to pay to the owner the rent or any portion of the rent of the land or building in respect of which such rent is paid or is payable.(ii) an owner in occupation of or otherwise using his land or building.(iii) a rent-free tenant of any land or building, and(iv) any person who is liable to pay to the owner damages for the use and occupation of any land or building. [The Maharashtra Non-Biodegradable Garbage (Control) Act, 2006, s. 2(i)]Means a person who occupies a site or building within a zone and including his successors and assignees. [The Rajasthan Special Economic Zones Development Act, 2003, s. 2(h)]Occupier, of a jute-mill means the person who has ultimate control over the affairs of the jute-mill. [The West Bengal Value Added Tax Act, 2003, s. 2(25)]The person residing in or upon or having a right to reside in or upon any house, land, or place; formerly rateable to the poor rate under the Poor Rel...

Compensation

Compensation, according to dictionary it means, 'compensating or being compensated; thing given as recompense;'. In legal sense it may constitute actual loss or expected loss and may extend to physical mental or even emotional suffering, insult or injury or loss, Ghaziabad Development Authority v. Balbir Singh, (2004) 5 SCC 65 (75): AIR 2004 SC 2141.--Making things equivalent, satisfying or making amends, a reward for the apprehension of criminals; also that equivalent in money which is paid to the owners and occupiers of lands taken or injuriously affected for public purposes and under Act of Parliament, e.g., the (English) Lands Clauses Consolidation Act, 1845 (8 & 9 Vict. c. 18), but where the land is acquired compulsorily by a Government Department or any local or Public Authority the compensation is regulated by the (English) Acquisition of Land (Assessment of Compensation) Act, 1919 (9 & 10 Geo. 5, c. 57) and Rules of 1919, and see Housing Act, 1936, ss. 40 and 42 and Schedules, ...

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