(1)  The assessed land value of land is the land value as determined under the Valuation of Land Act 2001 on applying any relevant adjustment factor determined under Part 9A of that Act.

(2)  If a parcel of land is subdivided from land which has a land value determined under the Valuation of Land Act 2001 and the value of that subdivided parcel of land has not been so determined –

(a) the value of the subdivided parcel of land is to be determined by multiplying the assessed land value of the total area of land before the subdivision (inclusive of any relevant adjustment factor determined by the Valuer-General under Part 9A of that Act) by the proportion that the subdivided parcel of land bears to the total area of land before the subdivision; and

(b) the value of the remaining land from which the parcel was subdivided is the assessed land value of the total area of land before the subdivision less the value calculated under paragraph (a) .