New South Wales Consolidated Acts

VALUATION OF LAND ACT 1916 - SECT 26A

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 .