Valuation officer reference limited to prescribed understating scenarios; assessing officer may still determine fair market value after enquiry.
A referral to the valuation officer is permitted only in prescribed cases: where the assessee's claim is based on a registered valuer's estimate and is thought by the assessing officer to be understated, or where the assessing officer believes fair market value exceeds the claimed value by a prescribed margin. Therefore, referral is not available when the assessing officer considers the assessee's adopted cut off date value to be higher than fair market value. The assessing officer nonetheless may use general assessment procedures, gather evidence and afford the assessee an opportunity to rebut before determining fair market value. (AI Summary)