Annual value
8A Annual value
(1) For the purposes of this Act, the annual value of land (other than a unit) is:
the gross annual rental of the property; or
5% of the improved capital value of the land,
whichever is the greater.
(2) In determining the annual value of land under subsection (1) which are premises occupied for trade, business or manufacturing purposes, such value shall not include the value of plant, machines, tools or other appliances which are not fixed to the premises or which are only so fixed that they may be removed without causing structural damage to the premises.
(3) In determining the annual value of land under subsection (1) it shall be assumed that the land with the improvements, if any thereon, is not subject to a determination in relation to rent under section 43 of the Residential Tenancies Act 1999.
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