Queensland Numbered Acts

VALUATION OF LAND AND OTHER LEGISLATION AMENDMENT ACT 2010 No. 7 - SECT 15

(1) Section 23(2), from 'offered' to 'require'--

omit, insert--

'negotiated as a bona fide sale'.

(2) Section 23(2A)--

omit, insert--

'(2A) The assumption mentioned in subsection (2)(a) is limited to the instant in time when the valuation is to be made on the date of valuation.'.

(3) Section 23(2B)--

insert--

'(c) the making or use of an improvement to the stratum or volumetric lot.'.

(4) Section 23(3), after paragraph (b)--

insert--

'(c) there is no greater risk than that which applied to the actual use of the stratum or volumetric lot in its actual condition, on the date of valuation, in realising the use of the lot, or continuing the use of the lot, for any purpose for which it was being used on the date of valuation;'.

(5) Section 23--

insert--

'(4A) To remove any doubt, it is declared that--

(a) the benefit of a lease, agreement for lease or any other instrument of any type relating to a stratum or volumetric lot, or improvements on a stratum or volumetric lot, that enhances the value of the lot as unimproved or improved must be included in its unimproved value; and

(b) the following apply for assessing the unimproved value of a stratum or volumetric lot--

(i) the bond rate must be adopted in analysing--

(A) the added value of improvements on or in the lot including any allowance to be made under this section or section 5; and

(B) the added value of improvements involved in any comparable sale;

(ii) no amount can be deducted for goodwill whether in analysing the improvements on or in the lot, or any comparable sale, or otherwise;

(iii) no deduction for any profit and risk allowance or development premium can be made for the realisation of the use of the stratum or volumetric lot, or for continuing the use of the lot, for any purpose for which it was being used on the date of valuation;

(iv) if the lot is improved and the assessment includes a comparison with sales of vacant or lightly improved lots, or with sales for redevelopment, an amount representing the development premium inherent in the value of the lot as improved must be added to the level of value established by the sales;

(v) the benefit to the lot of the payment of infrastructure charges or of infrastructure construction must be included; and

(c) the meaning of the term 'unimproved value', as affected under this section for a stratum or volumetric lot, has been given a special meaning that must be applied whether or not that definition accords with the ordinary meaning of that term.'.