In WA, when valuing a property affected by contamination, what approach must the valuer take?
Correct Answer
C) Assess its effect on value, including remediation costs, stigma and any limits on use
When valuing contaminated land in WA, the valuer must reflect the contamination's effect on market value, including estimated remediation costs, stigma in the market, any restrictions on use, and the site's classification under the Contaminated Sites Act 2003 (WA). The contaminated sites database and classifications are kept by the Department of Water and Environmental Regulation (DWER).
Why This Is the Correct Answer
Market value of contaminated land must reflect remediation costs, market stigma and any restrictions on use, including the site's classification under the Contaminated Sites Act 2003.
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