VALUATION OF LAND ACT 1916 - SECT 26A
Valuation of parcels that form part of the site of a building
VALUATION OF LAND ACT 1916 - SECT 26A
Valuation of parcels that form part of the site of a building
26A Valuation of parcels that form part of the site of a building
(1) If the site of a building is subdivided into separate parcels of land
solely by means of a subdivision to which this section applies, the value of
each of those parcels is to be determined as follows--
(a) first, the
Valuer-General is to value all of those separate parcels as if they comprised
a single parcel and that single parcel and all improvements on it were owned
by a single owner, and
(b) then, the Valuer-General is to apportion the value
obtained under paragraph (a) between each of those separate parcels, on the
basis of their respective rental values as a proportion of the sum of the
rental values of each of those parcels.
(2) This section applies to
subdivision by any of the following means--
(a) subdivision by the creation of
2 or more lots in a deposited plan,
(3)
This section does not apply unless at least 2 or more of the parcels of land
created by the subdivision are adjoined horizontally (that is, one is wholly
or partly above the other).
(4) The site of a building includes land
consisting of space above or below the building.
(5) In determining the
rental value of a parcel of land, regard is to be had to any improvements on
or appertaining to the parcel.
(6) This section does not limit any power of
the Valuer-General to include 2 or more parcels of land that are owned by the
same person in one valuation.
(7) In this section--
"building" includes a building that is in the course of construction.