VALUATION OF LAND ACT 1960 - SECT 2A Determination of estimated annual value

VALUATION OF LAND ACT 1960 - SECT 2A

    (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.

Part I—Valuer-general