123Definitions

123 Definitions

123 Definitions

In this Division—

heritage valuation, in relation to land, means a valuation of that land obtained by adding to or by deducting from a valuation for rating or taxing purposes of that land any allowance determined as a consequence of making the following assumptions with respect to that land, namely—

(a) that that land may be used only for the purpose, if any, for which it was used at the relevant date,

(b) that all improvements on that land as at the relevant date may be continued and maintained in order that the use of that land as referred to in paragraph (a) may be continued,

(b1) that all improvements referred to in paragraph (b) on that land are new (without any deduction being made because of their actual condition),

(c) that no improvements, other than those referred to in paragraph (b), may be made to or on that land,

(d) that the cost of construction of improvements on that land has no effect on its land value, with the result that there is to be no reduction in land value because of any difference between the cost of construction of the improvements referred to in paragraph (b) as new improvements and the cost of construction of other improvements used as a basis for comparison in the determination of land value.

land includes stratum within the meaning of the Valuation of Land Act 1916.

rating or taxing authority means—

(a) a council,

(b) a county council established under the Local Government Act 1993,

(c) the Sydney Water Corporation referred to in the Water Board (Corporatisation) Act 1994,

(d) the Hunter Water Corporation referred to in the Hunter Water Board (Corporatisation) Act 1991,

(e) a water supply authority within the meaning of the Water Management Act 2000,

(f) the Chief Commissioner of State Revenue.

relevant date, in relation to a heritage valuation, means—