Effect of valuation
13 Effect of valuation
Where, for the purpose of any law in force in the Territory, it is necessary to ascertain the unimproved capital value, the improved capital value or the annual value as at a specified time of any land:
if the Valuer-General has made a valuation of the unimproved capital value, the improved capital value or the annual value of that land as at that time – the value determined by that valuation; or
if the Valuer-General has not made such a valuation as at that time but has made a valuation of the unimproved capital value, the improved capital value or the annual value of that land as at an earlier time – the value determined by the last such valuation,
shall, subject to subsection (2), be deemed for the purpose of that law, unless the contrary intention appears in that law, to have been the unimproved capital value, the improved capital value or the annual value of that land at that first-mentioned time.
An amount that is deemed by subsection (1) to be the unimproved capital value of any land at any time shall be deemed to be reduced by the value of the prescribed improvements on or appertaining to that land, as determined by the Valuer-General in the valuation made by him at the same time as he made the valuation of the unimproved capital value of that land.
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