Queensland Consolidated Acts Queensland Consolidated Acts(1) In relation to unimproved land, unimproved value means the capital sum which the fee simple of the land might be expected to realise if offered for sale on such reasonable terms and conditions as a bona fide seller would require.
(2) In relation to improved land, unimproved value means the capital sum which the fee simple of the land might be expected to realise if offered for sale on such reasonable terms and conditions as a bona fide seller would require, assuming that, at the time as at which the value is required to be ascertained for the purposes of this Act, the improvements did not exist.
(3) However, the unimproved value shall in no case be less than the sum that would be obtained by deducting the value of improvements from the improved value at the time as at which the value is required to be ascertained for the purposes of this Act.
(4) However, the restrictions and limitations in any certificate of title or deed of grant in respect of any racecourse shall be disregarded in ascertaining the unimproved value of the land of the racecourse concerned.