Land Regulation 2020

The unimproved value of land is—

for land subject to a category 11.1 or 11.2 lease—the rental valuation of the land; or

for other land—the amount that an estate in fee simple in the land in an unimproved state would be worth if—

after proper marketing, there were an exchange between a willing buyer and a willing seller in an arms-length transaction; and

the buyer and seller had acted knowledgeably, prudently and without compulsion.

Also, the unimproved value of land includes the value of any improvements and development work made by the State to the land, and for which the State has not been paid, before the tenure started or the deed of grant for the land was issued.

However, the unimproved value of land does not include the value of any commercial timber on the land.

For deciding the purchase price for land granted or leased in relation to a conversion offer, the unimproved value of the land is the unimproved value as at—

if the offer is made under section 165B of the Act—the day stated in the offer; or

if the offer is made in relation to a conversion application—the day the chief executive received the application.

For deciding the purchase of price of land in an operational reserve or an operational deed of grant in trust, the unimproved value of the land is—

in relation to a request made under section 34J(1) or 43B(1) of the Act—the unimproved value as at the day the chief executive receives the request; or

in relation to an offer made under section 34K(1) or 43C(1) of the Act—the unimproved value as at the day stated in the offer.

For subsections (4)(a) and (5)(b), the day stated in the offer—

may be earlier than the day the offer is made; but

may not be earlier than 4 months before the day the offer is made.

To remove any doubt, it is declared that the Land Valuation Act 2010 does not apply for deciding the unimproved value of land under this section.