New South Wales Consolidated Acts

VALUATION OF LAND ACT 1916 - SECT 14E

14E Community schemes, neighbourhood schemes and certain strata schemes

(1) Land that is association property is not to be separately valued unless the Valuer-General has been informed by:

(a) the local council, or

(b) the Chief Commissioner for Land Tax, or

(c) a prescribed person,

that the land is used for commercial purposes.

(2) In valuing:

(a) a community development lot or a precinct development lot, or

(b) a neighbourhood lot or strata parcel that is part of a community scheme (whether or not it is also part of a precinct scheme),

the Valuer-General is to take into account any benefits and disadvantages applicable to the lot or parcel because of its special status as part of the community scheme and, except in the case of a community development lot, as part of a subsidiary scheme or schemes.

(3) In valuing a neighbourhood lot that is not part of a community scheme the Valuer-General is to take into account any benefits and disadvantages applicable to the lot as part of the neighbourhood scheme.

(4) In valuing a lot:

(a) in a scheme referred to in subsection (2), the Valuer-General is to take into account the value to the proprietor of the lot of the interest attributable to the lot in community property, precinct property or neighbourhood property that is not used for commercial purposes,

(b) in a neighbourhood scheme referred to in subsection (3), the Valuer-General is to take into account the value to the proprietor of the lot of the interest attributable to the lot in neighbourhood property that is not used for commercial purposes.

(5) Expressions used in this section have the same meanings as they have in the Community Land Development Act 1989 .