Valuation of Land Act 1963

For the purposes of this Act, the unimproved capital value of a unit is the sum which the fee simple of the unit might be expected to realize if offered for sale on such reasonable terms and conditions as a seller in good faith would require assuming that:

the improvements, if any, which form the walls, floors and ceilings containing the unit and made or acquired by the owner or his predecessor in title had not been made, provided that where the unit is wholly or partly in an excavation it shall be assumed that the excavation of the unit had been made;

means of access to the unit may be used, and may continue to be used, as they were being used, or could be used, on the date to which the valuation relates; and

lands outside the unit, including land of which the unit forms

part, are in the state and condition existing at the date to which the valuation relates, and, in particular, without limiting the generality of this assumption, that where the unit consists partly of a building, structure or work or is portion of a building, structure or work, such building, structure or work, to the extent that it is outside the unit, had been made.

In determining the unimproved capital value of a unit under subsection (1) it shall be assumed that:

the unit may be used, or may continue to be used, for any purpose for which it was being used, or for which it could be used at the date to which the valuation relates; and

such improvements may be continued or made in the unit as may be required in order to enable the unit to continue to be so used,

but nothing in this subsection prevents regard being had, in determining that value, to other purposes for which the unit may be used on the assumptions set forth in subsection (1).