Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) The Valuer-General shall, before the expiration of the period of 3 years after the date of commencement of the Valuation of Land Act 1973 , cause a valuation to be made of the unimproved capital value of all ratable land.
(2) Where, after the Valuer-General has made a valuation of the unimproved capital value of any land in pursuance of this section (including this subsection):
(a) the land is subdivided;
(b) a change is made in the boundaries of the land; or
(c) a change occurs in the purpose for which the land may be used or continued to be used,
the Valuer-General shall, as soon as practicable, cause a further valuation of the unimproved capital value of that land to be made.
(3) The Valuer-General shall cause a further valuation of the unimproved capital value of all land that is then ratable to be made before the expiration of the period of 3 years after the making of each valuation of ratable land under subsection (1) or under this subsection.
(4) A valuation of the unimproved capital value of any land made in pursuance of subsection (1) or (3) shall determine that value as at the date on which the valuation is made.
(5) A valuation of the unimproved capital value of any land made under subsection (2) shall be the valuation as at the date on which the last valuation of the unimproved capital value of that land was made under subsection (1) or (3).