362Deciding value of improvements

362 Deciding value of improvements (1) If compensation is payable under this part in relation to improvements, the territory planning authority must— (a) as soon as practicable after the assessment day decide, in writing, the market value of the improvements on the land as at the assessment day; and (b) in valuing the improvements, assume that— (i) for section 358—a further lease of the land had been granted subject to the same provisions, and for the same term, as the lease the term of which has expired; and (ii) for section 360—the lease of the land had not been terminated or surrendered; and

(iii) for section 361—the leased land had not been withdrawn from the lease. assessment day means— (a) in relation to land if the term of the lease has expired—the day the term expired; or (b) in relation to land a lease of which has been terminated or surrendered—the day the lease was terminated or surrendered; or (c) in relation to land that has been withdrawn from a lease—the day the land was withdrawn. market value, in relation to improvements on land, means the amount by which the improvements increase the value of the lease of the land, assuming that the lease, together with the improvements, were offered for sale on the open market on the day before the assessment day on the reasonable terms and conditions that a genuine seller might require.

Surrendering and termination of leases Part 10.10 Part 10.10 Surrendering and termination of