Course Title: Statutory Valuation

Part A: Course Overview

Course Title: Statutory Valuation

Credit Points: 12.00

Terms

Course Code

Campus

Career

School

Learning Mode

Teaching Period(s)

OMGT1129

City Campus

Undergraduate

325H Property, Construction & Project Management

Face-to-Face

 Sem 2 2008,
Sem 2 2009,
Sem 2 2010,
Sem 1 2013,
Sem 2 2013,
Sem 1 2014,
Sem 2 2014,
Sem 1 2015,
Sem 2 2015,
Sem 1 2016,
Sem 1 2018,
Sem 1 2019,
Sem 1 2020,
Sem 1 2021,
Sem 1 2022,
Sem 2 2022,
Sem 1 2023,
Sem 2 2023,
Sem 1 2024,
Sem 2 2024

OMGT1129

City Campus

Undergraduate

325H Property, Construction & Project Management

Internet

 Sem 2 2020

Course Coordinator: Judith Callanan

Course Coordinator Phone: +61 3 9925 2644

Course Coordinator Email: judith.callanan@rmit.edu.au

Course Coordinator Location: 8.8.8

Course Coordinator Availability: by appointment via email


Pre-requisite Courses and Assumed Knowledge and Capabilities

045744 Valuation Process and Methods is a pre-requisite to this course (OMGT1129 Statutory Valuation), as it contains areas of knowledge and skills which are built upon within this course. 

Note: it is a condition of enrolment at RMIT that you accept responsibility for ensuring that you have completed the prerequisite/s and agree to concurrently enrol in co-requisite courses before enrolling in a course. 

For your information go to RMIT Course Requisites webpage. 

 


Course Description

The course builds on your knowledge of Valuation techniques that apply in the Valuation of various property types. The course examines the need for Valuations to be undertaken for various statutory purposes. It is a government requriement for valuations to be undertaken for Rating and Taxing, Land Acquisition and Compensation and various Planning or Land Management activities.

You will develop your knowledge of the Rights of Government to deal with privately owned land and also the Revenue raising capacity of State and Local Government.

You will also develop your understanding of the Statutory aspects of Valuation Theory and Practice and the Literature associated with it.

You will critically examine court precedents in relation to the acquisition and taxing of land.


Objectives/Learning Outcomes/Capability Development

Program Learning Outcomes (PLOs)

In this course you will develop the following program learning outcomes:

  • PLO1: Determine and apply knowledge of complex property and valuation theory to your professional practice and/or further study
  • PLO2: Professionally communicate to a range of audiences, demonstrating in depth knowledge of the discipline and of the needs of diverse property and valuation stakeholders
  • PLO3: Apply logical, critical and creative thinking to analyse, synthesise and apply theoretical knowledge, and technical skills, to formulate evidenced based solutions to industry problems or issues
  • PLO4: Utilise appropriate methods and techniques to design and/or execute research based or professionally focused property or valuation projects , demonstrating capacity for independent and collaborative learning, addressing real world industry issues 
  • PLO5: Collaborate effectively with others and demonstrate intellectual independence and autonomy to solve problems and/or address industry issues and imperatives
  • PLO6: Crtically examine and reflect on the profession in local and/or global contexts, and question accepted interpretations and decision making 




 


Course Learning Outcomes (CLOs)

Upon successful completion of this course, you will be able to:

  1. CLO1: Determine  the valuation practices used in relation to mass appraisal for rating and taxing and  post compulsory acquisition
  2. CLO2: Interpret and apply relevant legislation and judicial precedents to determine rating valuations
  3. CLO3: Defend and justify a value undertaken for rating purposes, acquisitions and resumption of land
  4. CLO4: Determine how statutory powers impact on land use
  5. CLO5: Apply land acquisition legislation and valuation principles to determine compensation within compulsory acquisition


Overview of Learning Activities

Class discussions, problem solving exercises and simulated valuations


Overview of Learning Resources

RMIT will provide you with resources and tools for learning in this course through our online systems.


Overview of Assessment

You will be assessed on how well you meet the course’s learning outcomes and on your development against the program learning outcomes.

Task 1: Individual: This task requires students to undertake independent research into the definitions of Site Value, Capital Improved Value, Estimated Annual value and Net Annual Value, using various sources including legislation, recognised authoritative sources, and case law. 25%. CLO1, CLO2, CLO3 CLO4 

Task 2: Individual: The test covers all material relating to the government rating and land tax valuations. 25% CLO1, CLO2, CLO3, CLO4 

Task 3: Individual: The test covers all material relating to the government powers in relation to the valuation of property for compulsory acquisition and resumption of land. 30% CLO1.CLO3, CLO4, CLO5

Feedback will be given on all assessment tasks.

Equitable Learning Services

Equitable Learning Services (ELS) provide support and equal opportunities for students with a disability, long-term illness and/or mental health condition and primary carers of individuals with a disability. You can contact the ELS if you would like to find out more: https://www.rmit.edu.au/students/support-and-facilities/student-support/equitable-learning-services. You can also contact the course coordinator or the program coordinator if you would like to find out more. 

Your course assessment conforms to RMIT assessment principles, regulations, policies and procedures.