26AValuation of parcels that form part of the site of a building

26A Valuation of parcels that form part of the site of a building

26A Valuation of parcels that form part of the site of a building

(1) If the site of a building is subdivided into separate parcels of land solely by means of a subdivision to which this section applies, the value of each of those parcels is to be determined as follows—

(a) first, the Valuer-General is to value all of those separate parcels as if they comprised a single parcel and that single parcel and all improvements on it were owned by a single owner, and

(b) then, the Valuer-General is to apportion the value obtained under paragraph (a) between each of those separate parcels, on the basis of their respective rental values as a proportion of the sum of the rental values of each of those parcels.

(2) This section applies to subdivision by any of the following means—

(a) subdivision by the creation of 2 or more lots in a deposited plan,

(b) subdivision by a deposited plan and one or more strata plans,

(c) subdivision by 2 or more strata plans.

(3) This section does not apply unless at least 2 or more of the parcels of land created by the subdivision are adjoined horizontally (that is, one is wholly or partly above the other).

(4) The site of a building includes land consisting of space above or below the building.

(5) In determining the rental value of a parcel of land, regard is to be had to any improvements on or appertaining to the parcel.

(6) This section does not limit any power of the Valuer-General to include 2 or more parcels of land that are owned by the same person in one valuation.

(7) In this section—

building includes a building that is in the course of construction.

parcel of land means a parcel (within the meaning of the Strata Schemes Development Act 2015) or the land comprised in a lot in a deposited plan.

strata plan means a strata plan within the meaning of the Strata Schemes Development Act 2015.

s 26A: Ins 1996 No 67, Sch 1 [5]. Am 2000 No 106, Sch 2 [5]; 2015 No 51, Sch 9.24 [7].