39Valuations

39 Valuations

39 Valuations

(1) For the purposes of this Act, value in relation to land means the amount, as determined by the valuer-general, that the fee simple of the land (including any improvements thereon or appertaining thereto) unencumbered by any mortgage and not subject to any lease but subject to any reservations, restrictions, covenants, easements or rights in the nature of easements that affect the land at the date as at which the determination is made, might be expected to realise if offered for sale on such reasonable terms and conditions as a bona fide seller would require.

(2) A reference in subsection (1) to reservations, restrictions, covenants, easements or rights in the nature of easements that affect land does not include a reference to any reservation, restriction, covenant or easement or any such right imposed or created after the base date unless:

(a) it was imposed or created pursuant to the provisions of an Act,

(b) it is an easement or restriction of the nature referred to in paragraph (a) of subsection (1) of section 88A of the Conveyancing Act 1919,

(c) it is a covenant in favour of the Crown or of any public or local authority constituted by or under an Act, or

(d) it is one of a class or description of reservations, restrictions, covenants, easements or rights in the nature of easements prescribed for the purposes of this section.