Victorian Consolidated Legislation

Valuation of Land Act 1960 - SECT 2A

Determination of estimated annual value

2A. Determination of estimated annual value



(1) Despite any law to the contrary, in determining the estimated annual value
of any land for any valuation used by a rating authority for a rating period
which commenced before, on or after 1 October 1995 no deduction is to be made
for-

   (a)  any provision, allowance or notional contribution to a sinking fund
        for the renewal or replacement of any building, fitting, fixture or
        other improvement on that land; or

   (b)  any provision or allowance or setting aside of an amount for
        depreciation of any building, fitting, fixture or other improvement on
        that land.

(2) Nothing in subsection (1) affects-

   (a)  the rights or obligations of the parties in the proceeding known as
        The Shell Co. of Australia Limited and Number 1 Spring Street Pty.
        Ltd. v City of Melbourne (Number 5994 of 1994) in the Supreme Court of
        Victoria;

   (b)  the determination of the estimated annual value of any land in any
        proceeding relating to an objection, or an objection requested to be
        treated as an appeal, to the valuation of that land for a rating
        period commencing before 1 October 1995 if-

   (i)  the objection or appeal has been lodged before 18 October 1995; and

   (ii) the proceeding has not been finally determined before that time- to
        the extent that the proceeding relates to the same rating period as
        the objection or appeal.

(3) Nothing in this section applies to the determination of the estimated
annual value of any land in relation to any rating period which commenced-

   (a)  after the rating period which was the subject of the proceeding
        referred to in subsection (2)(a); or

   (b)  after the rating period referred to in subsection (2)(b) which was the
        subject of the proceeding-

but before 1 October 1995 with respect to the parties in those proceedings.

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