Northern Territory Consolidated Acts Northern Territory Consolidated Acts(1) For the purposes of this Act, the unimproved capital value of land (other than a stratum) is:
(a) the capital sum which the fee simple of the land might be expected to realize if offered for sale on such reasonable terms and conditions as a seller in good faith would require, assuming that any improvements, other than site improvements, on or appertaining to the land had not been made; or
(b) the sum which would be obtained by deducting the value of any improvements, other than site improvements on or appertaining to the land, from the improved capital value of the land,
whichever is the greater.
(2) Notwithstanding anything in subsection (1), in determining the unimproved capital value of any land under that subsection it shall be assumed that:
(a) the land may be used or continued to be used for any purpose for which it was being used or could be used at the date to which the valuation relates; and
(b) such improvements on or appertaining to the land are made or continued as are necessary to enable the land to be or continue to be so used,
but nothing in this subsection prevents regard being had in determining that value to any other purpose for which the land may be used on the assumption that the improvements, other than site improvements, on or appertaining to the land had not been made.
(3) For the purposes of this section, the value of improvements on or appertaining to land is the added value which the improvements, other than site improvements, give to the land, irrespective of the cost of the improvements, including in such added value the value of any licence granted and in force under the Liquor Act , the value of which has been included in the improved capital value of the land.