6Meaning of unimproved value

6 Meaning of unimproved value (1) The unimproved value of a parcel of land held under a lease from the Commonwealth is the capital amount that might be expected to have been offered on a date (the base date), for the lease of the parcel, assuming that— (a) the only improvements on or to the parcel were the improvements (if any) by way of clearing, filling, grading, draining, levelling or excavating— (i) if the Territory or Commonwealth had, before the parcel became rateable as a separate parcel, granted a development lease of land that included the parcel—made by the lessee under that lease or by the Territory or Commonwealth, or the cost of which was met by that lessee or by the Territory or Commonwealth; or (ii) in any other case—made by the Territory or Commonwealth or the cost of which was met by the Territory or Commonwealth; and (b) the circumstances that existed on the prescribed date also existed on the base date; and (c) on the base date, the lease had an unexpired term of 99 years; and (d) a nominal rent was payable under the lease for the 99 year term. (2) The unimproved value of a parcel of land held in fee simple is the capital amount that might be expected to have been offered for the parcel at a genuine sale on a date on the reasonable terms and conditions that a genuine seller would require, assuming that no improvements had been made on or to the parcel.

prescribed date, for a parcel of land, means— (a) for a determination of the unimproved value of the parcel—the date the parcel became rateable; or (b) for an annual redetermination of the unimproved value of the parcel—the date the redetermination applies; or (c) for a redetermination of the unimproved value of the parcel under section 11 (Redetermination—error), section 11A (Redetermination—change of circumstances (other than chargeable variation of nominal rent lease)) or section 11B (Redetermination—chargeable variation of nominal rent lease)—the date the redetermination begins to apply to the parcel.